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Science: Sacred cows 
of research feel 
the big stick. Page 13 


a 


No. 30,326 


EUROPE’S BUSINESS NEWSPAPER 

Wednesday September 2 1987 


D 8523 A 


World News 


Mexican 

inflation 


allayed 

Static* n President Miguel de la 
. Madrid calmed fears about.a;jre- 
- cordlSO per cent inflation rate 
in. his penultimate stabe-of-tbe* 
nationreport. 

The President also damped 
speculation that the central 
bank’s -reserves might be used 
to pay off debt Page 22 

Elba siege ends 

Six convicted killers who barri- 
caded themselves into a jail-on 
the Italian Island of Elba >for 
more than a week freed their 28 
hostages amlsurrenderetL 

Tamil exile accord 

Sri fanha signed an agreement 
'with the ON High Co mmissi on- . 
er for Refugees to finance the 
return home of- some 150,000 
Tamil refugees, most of them in 
India and Western Europe. - 

Chile colonel edized : 

Chilean Colonel Carlos Carreno 
was kidnapped by suspected 
left-wing guerrillas as he- left - 
his home in Santiago. - -- : 

German judge shot 

West German poQce said they 
suspected leftwing urban guer- 
rillas were responsible for tbe 
shooting of seniorjudge Guen- 
ter Korbnacher, wounded in the 
leg i n West Berlin. . v^.-v7 ; 

. . i . j.fjv 

imihn Express raid 

Hundreds of goverziment inves- 
tigators raided- the Indian' Ex- 
press newspaper, whose -editor 
promised to continue to expose 
alleged official corruption. 
Page4-._.; : :z 

Salvaidk*^ 

Hie' Salvadorean Government 

icenivi garrant* thr fho arrMt nf 

12 leaders of a. hospital 8trlfeeit 
believed to be part ofa deBtabi- 
lisatio n c ampaign by guerrillas. 

Westerpdiploiuatpsald 4bat op- 
to IS planes wet - ® destroyed In' 
Cghtinig when pilots mu- 

tinied . at the Ragrab airbase 


Business Summary 


UK trade 
deficit 
increases 
to£910m 

UK TRADE deficit grew to 
-£910m ($1.48bn) in July follow- 
ing a renewed surge is imports. 
The shortfall was partly offset 
by an -estimated £600m surplus 
on. invisible -trade; This left a 
. £310m deficit in the current ac- 
count of the balance of pay- 
J ments, confirming the deterio- 
ration "over the last three 
m onths after a healthy surplus 
- between January and ApriL 
Page 22 

tONDON: The UK securities 
markets shrugged oft news of 
wider than expected UK trade 
and current.'aceount deficits for 


FT Index 

Ordinary Share 
H82D 


h780 


1I740 


h7oq 



Aug 1987 Sep 


IcetarvidefiesUS 

Iceland-saiditwould continue 
whaling,, though ^af a - reduced 
level, despite US. threats of 
trade sanctions. . . - 

Tlnrarclimbdown 

PortugaTs new Government has 
dropped the: key demand for 
self-determination for East' Ti- 
mor, the tonnes colony annexe d 
11 years ago by Indonesia. 

Soviet student boost 

Izvf^asaitf foatoutstanding 
Soviet-" - university students 

wouM-rtceive largergrants this 
year jpi, au ;effOrt- ; to - improve 
highereducatibu. 

Capeprotests 

Police used teargas in clashed 
with KOOOCape Town university 
students protesting at the hang- 
ing of two blacks convicted of 
killing a black town councillor. 
Page 4 • 

Korean talks 

Opposition demands for the re- 
lease of about 200 political pris- 
oners were to be debated today 
in a meeting of the leaders of 
South Korea's main political 
parties. Page 22 


talks between the 
Jewish leaders, the 


Followin 

Pope axu . 

Vatican said It was preparing a 
, major' document bn the Nasi ho- 
locaust. 

Turkish jail protest 

Human fights groups said about' 
70 people- were arrested for tok- • 
ing part, in a protest outside 
Parliament in ' Ankara over con- 
ditions in Turkish jails. 

Bed Square ban ^ 

Moscow's city government ban- 
ned /demonstrations in - Red 
Square sad 14 other central ar- 
eas. -’.Groups "wishing ' to ■ 'hold _ 
public assemblies will have to 
apply forpbipiission in future. 


July and surged in the last hour 
•of trading to -dose at their best 
levels. The. FT-SE M©; index 
; closed 23J. higher at 2£72£ and 
the FT Ordinary, index ad- 
vanced 19.1 to end at L77&9. De- 
t*OsPage38 

'WALL STREET: The Dow Jones 
industrial average closed down 
5L98at £610$?. Page 42 

TOKYO:. Buying enthusiasm at 
^the-mart uf- September trading 
lifted prices to a record in busy, 
trading. The Nikkei stock aver*! 
age gained! 8&20 to 26.11&42. 
Page 4g ' : :] 

GOLD doted at $453129 on the. 
London bullion market. In Zur- 
ich ft to $45^.09 <*45&2», 
BigeM ■>, 

jpOUAlt closed inNewVorfcaf 
RKPLB0E& ¥141.40, FJFra0B20i, 
~SFrU4930. It .rose in London to 
ketone «£DML8125GaCk8U(D;to 
SFrL4965 (SFrt.4925); to 
FFiKOOSO (FFi 6-0475); bat fell 
to Y141-85(Yl41^5). On Bank of 
England figures the dollar's ex- 
. -c hang e rate index , fail from 
: lOLltolOOK Page XI r - 

STEELING dosed in New York 
at $1.6430. It rose in London to 
dose at. $1.6400 ($L8385); to 
DH2L9725 (DM2.9575); to YZ32.7& 
(¥232.0); to ; SFr2.4550 

(SFr2.4375); but - fell to 
FFr&9475 CFFr«.88). The 

pound's exchange rate index 
rose 03 to 72K. Page 31 

ERICSSON, Swedish telecom- 
munications and electronics 
gr&up.is -seeking to strengthen 
its Italian market position by 
forging close links with Telit, 
the Italian telecom holding 
grpup 1 . Page24 

- ELJDERS'IXL, Australian con^ 
'glomerate headed by John El- 
liott, unveiled. details of plans 
to float a Hong Kong-based in- 
vestment-company . PegeSS 

RENAULT VEBUCULES Indus- j 
triels, state-owned French! 
group, made a consolidated net] 
profit of FFrSOm ($5m) in the. 
first half of-tHisyear, the first 
.time it. has been in the black 
since it was formed from the 
merger of the-Saviem and Ber- 
lin companies In 1974. Page 24 

ES8ELTE, Swedish office sup- 
plies group, reported a 5.8 per 1 
cent fallin profits (after finan- 
cial items) fcb- SKr326m ($3L2m> 
ihtfae first sixfoonths. Page 24 - 

NORSK HYDRO, Norwegian 
state-controlled industrial firm, 
has had its shortterm debt 
downgraded by Euroratmgs, the 
recently formed credit assess- 
ment agency based in London. 
Fuge.24- • 

ADD1DAS of West Germany, 
world’s largest manufacturer of 
sports shoes and clothing saw 
group .turnover rise by 3 per 
cent to DM4-lbn last yean Page 
24- J. _ , : ' 

HUDSONS BAY Company, Can- 
ada's- - largest merchandising 
group, is showing continued 
losses- despite a major restruc- 
turing and asset disposals total- 
ling nearly C$S00m (US$378.7m) 
in 



to probe 



over 



BY W1LUAM DAWKINS IN BRUSSELS AND DAVID THOMAS IN LONDON 


THE European Commission yes- 
terday launched anti-dumping 
investigations against six lead- 
ing Japanese electronics com- 
panies using a controversial 
newtradelaw; 

-Five of the seven plants 
nam^i in the i n v estig ations are 
in the UK The others are in 
France and West Germany. 

The move, again** electronic 
typewriter and . weighing scale 
manufacturers, is the first time 
the Commission has used the 
tew,. Which 1 is designed to pre- 
vent Japanese companies get- 
ting round anti-dumping duties 
by setting up assembly-only 
plants in Europe. 

The Jaw, passed in June and 
one of the toughest internation- 
al trade measures, angered Jap- 
anese industrialists by allowing 
anti-dumping duties to be ex- 
tended to imported compo- 
nents. 

The Inquiry could lead to 
heightened tension between 
Britain and some other EC 
member states over the amount 
of Japanese investment flowing 
into the UK 

One of the companies, Broth- 
er Industries, is due to an- 
nounce plans today 'hr build a 
new printer factory at Wrex- 

’ ** ai_ 

Some of the companies in- 
volved reacted angrily yester- 
day, saying they bad sought the 
help of the UK Government in 
trying to increase the amount of 
components sourced locally. 


US, UK banks ‘fall 
behind Japanese’ 

Banks in the US and Britain 
are falling behind Japan In fi- 
nancial market competition 
because of the Japanese banks’ 
strong financial position, ac- 
cording to Lond<ra-b*sed IBCA 
Banking Analysis. The compa- 
ny says in a report that the US 
and UK banks' competitive po- 
sition has been weakened by a 
slowness to create a cushion 
against Third World loan 
losses. Page 22 

The typewriter suppliers 
named are Brother and Sharp 
in Wrexham, Matsushita in 
Newport, South Wales, Silver 
Reed, which operates a factory 
jointly with BSR of Hong Kong 
in Birmingham. Canon in Brit- 
tany, France, and TEC Totero 
Electric (a subsidiary of Toshi- 
ba) in Brunswick, West Ger- 
many. 

Anti-dumping duties were im- 
posed on their products two 
years ago. One weighing ma- 
chine producer is involved, TEC 
Tokyo- Electric, which has been 
paying anti-dumping: levies - on 
imports for the past year and 
has a plant at Preston, Lanca- 
shire. 

The typewriter inquiry to tee 
result or complaints by Olivetti 
of Italy, Triumph-Adler and 
Olympia of West Germany and 


Rank Xerox of tee UK Avery, a 
subsidiary of General Electric 
Company of the UK Moreau of 
France and Bizerba of West 
Germany are behind the weigh- 
ing machine case. 

If Brussels finds against the 
Japanese plants, their output 
would be subject to the same 
anti-dumping duties as those al- 
ready being levied on complet- 
ed imports of the same prod- 
- nets. These are between .21 per 
cent and 35 per cent oh type- 
writers and 20.6 per cent on 
scales. 

TO qualify for the new penal- 
ties, the plants must have been 
set up or substantially boosted 
output soon after the launch of 
anti-dumping inquiries im- 
ports of the same product. At 
the same time, more than 69 per 
cent of their components most 
be sourced from Japan. 

Mr Jim fattini, general man- 
ager of Brother's office equip- 
ment business in the UK said 
its engineers had met UK De- 
partment of Trade officials to 
seek help in finding more local 
components. "As far as Fm 
aware, the department were 
happy with our progress,” lie 
said. 

Mr Patti Young, technical di- 
rector of Silver Reed UK said 
the company had also asked for 
Government help in finding lo- 
cal components, but key parts of 
electronic typewriters, such as 
integrated circuits and motors, 
were not made in Europe. 


Yeutter sees little hope of 
major cuts in US deficit 


'BYU0NB.BAftBSi M WASMNOTON 


THE us re tmiikely to achieve 

any :’ro»p? -reductions ' in • its 
trinie deficit, which last year hit 
a record $15B 2ho , -according, to 
Mr Clayton Yeutter,; the US 
trade representative 

Mir Yeutter said he could see 
little hope for major improve- 
ment and that it would be diffi- 
cult to. achieve earlier forecasts 
of a $20tm to $30bn fall in the 
deficit this year. Those , fore- 
casts looked ‘Increasingly at 
risk,” he said. 

Mr James Baker, the US Trea- 
sury Secretary, predicted a 
$20bn cut in.the 1987 trade defi- 
cit, partly to stave off protec- 
tionist trade legislation in the 
US Congress, and also to ease 
selling pressure on the dollar 
against the West German mark 
and the Japanese yen. Some fi- 
nancitil analysts believe toe 
dollar 'must fall farther if the 
trade . deficit is to be turned 
round. 

The US Treasury yesterday 
declined to- comment on Mr 
Yeuttor's remarks which were 
made in an interview with Reu- 
ters newsagency earlier this 

Mr Yeutter’s comments come 
as the US Congress prepares to 
reconvene to finalise major 
trade legislation. The Reagan 
Administration has threatened 
a presidential veto if the trade 
bfilis protectionist 

Mr Yeutter repeated US criti- 
cism of West Germany and Ja- 



Clayton Yeutter: "forecasts 
at risk- 

pan for failing to stimulate their 
economies in order to create a 
larger market for US goods. 

However, a senior West Ger- 
man Foreign Ministry official, 
Fran Irmgard Adam-Schwaete- 
er, yesterday rejected the criti- 
cism. She said in Washington 
that the DMK2bn C$29bn) tax 
cuts which Bonn was to imple- 
ment on January 1 next year 
would not be easy, because they 
had to be matched by spending 
cuts. "We have tried toe recipe 
of deficit spending and it has 
not worked.’ 


Us interview, Mr Yeutter 
the 'get tough on un- 
le” stance adopted by 
th? ^Administration this - year 
when it imposed tariffs on 
$300m of Japanese goods in re- 
taliation for alleged dumping of 
micr och i ps in the US and third 
country markets. He said there 
would be no ekriy end to the 
sanctions, which were lifted 
partially by President Reagan 
in June. - 

Mr Yeutter conceded that US 
companies had dometqp little to 
hold on to their overseas mar- 
kets when the dollar rose in the 
early 1980s and had not tried 
hard enough to regain market 
share when the dollar began to 
drop in 1985. 

Central banks ~ intervened 
modestly on the foreign ^ex- 
change markets yesterday in an 
attempt to break the dollar's re- 
cent fall. The Bank of- Japan, 
West Germany’s Bundesbank 
and the Bank of Kogland were 
among those intervening. There 
were unconfirmed reports of 
dollar purchases by the US Fed- 
eral Reserve. 

The dollar recovered losses 
sustained earlier in the day to 
close in London at DML8125, lit- 
tle changed from last Friday’s 
DHL8110, and at YL4185 
against YL4195. 

Currencies, Page 31; Economic 
Indicators, Page 5 


Hope fades for trapped miners 


BV ANTHONY ROBW90NBI JOHANNESBURG 


FADING HOPES of finding 
more survivors from the mine 
disaster at the St. Helena gold 
mine in the Orange Free State 
ended last night when rescue 
tewmw esta blish ed that the load- 
ed mine cage had plunged to the 
bottom of the L376-metre deep 
shaft after an explosion early 
Monday morning. 

Mr' Steve Ellis, chairman of 
theGeneral Mining Corporation 
(Gencor) controlled mine, said: 
"There is no hope that any of the 
40 people still unaccounted for 
couM now be found alive. 

*By now we must accept that 
there are 10 confirmed deaths 
and up to 40 more unconfirm- 
ed,' he said. 

' Ten bodies were located ear- 
lier at an intermediate pumping 


station *>"d down the shaft, 
while injured men, inclu din g 
two with serious barns, were 
brought to the surface. 

Mr Gary Maude, a Gencor di- 
rector, said the lift had fallen to 
the bottom and was covered by 
a 40-metre layer of debris. He 
said the company now faced toe 
long process of. reaching the 
crushed cage. 

Mr Kande said methane .gas 
appeared to be the cause of the 
explosion. There is no sign that 
any explosives had gone off and 
nn *hane appears the most like- 
ly cause of the explosion.” 

One of the five survivors, a mi- 
grant worker from the Transkei, 
said he saw ”an explosion fol- 
lowed by a big fire, strong wind 
and then complete darkness.” 


The mine was one of several 
affected by strike action over 
the last three weeks but Mr 
Maude said: The mine was 
property maintained during the 
strike- which only involved 30 
per cent of the workers.* 

Meanwhile major min mg 
houses reported that- w o rk er s 
who had left mine hostels dur- 
ing the strike were now arriving 
back to resume work. Gencor re- 
ported an 88 per .cent turnout, 
while Anglo American Corpora-. 
tion said the situation was re- ‘ 

turning to normal except on 
mines where workers had been 
dismissed. 

Yesterday onion officials be- 
gan negotiations over the rein- 
statement of the sacked men. 


'CONTENTS 



Ove&eas 


Companies. 
Wbittlfefe*. 



IhU. capital Markets. 
Letters. 

Lex. 


-22 


Management 
Harfcct Mutters - 
{Kenand Matters. 
MreeyWntate- 
Ssw Materials. 


At 

ja 


•39 


Agticnttme^ 

Arta-Metlewsi 


Steckmarfaeta - Bourses — — — JM* 

- Wall Street - rg 

- -Lead— r ■■■■ ■ ■;, ;-~3MM2 

Tech 



ARGENTINA 
ARRIVES 
AT THE 
POLITICAL 
CROSSROADS 


The Gnl£ War tarns Iraq into big inter- 
national debtor 3 

Malta: The first 100 days of Dr Fenech 

Adami — — 3 

Technology: ICI keys into profits of a 



president Raul Alfondn faces 
his most critical 
test yet at the polls. Page 5 


different hue — 7 

Management: ECGD takes on a more 
commercial face 8 

The Italian economy: Now the party’s 

over — 20 

Editorial comment-. Maclennan’s res- 
cue bid; Trade deficit in perspective » 

20 

The two Germanys: Don't over-react to 
Honecker’s visit — 21 

Lex: Trade figures; Newmont; Taylor 
Woodrow; Templeton : — — — 22 


US sets 
deadline 
for Iran 
to accept 
ceasefire 

By Our Foreign Staff 

The United States said last 
night it would seek a world 
arms embargo against Iran un- 
less Tehran accepted a UN-or- 
dered ceasefire in Its seven- 
year war with Iraq by the end 
of the week. 

Earlier Iraq claimed its war- 
planes attacked four ships in 
the Golf yesterday while ship- 
ping sources reported that an 
Iranian gnnboat hit and dam- 
aged a Spanish tanker 50 miles 
north of Bahrain. The inci- 
dents ■ coincided with news 
from- the Pentagon that US 
warships had safely completed 
escorting Kuwaiti tankers 
through the Gulf to Kuwait, 
the sixth such escorted convoy. 

Britain yesterday lodged a 
formal protest against Iraq’s 
resumption of attacks on ship- 
ping and oil targets and urged 
it strongly to refrain from far- 
ther military action. 

As Iraqi jets went into action 
for foe fourth day in succes- 
sion, the Iraqi charge d'af- 
faires in London, Mr Abdul 
Mnhsin Mohammad Said, was 
summoned to foe Foreign Of- 
fice to be told by senior offi- 
cials that such attacks would 
Increase tension in foe Gulf,' 
hamper UN efforts to end the 
war, and call into qnestion 
Iraq’s conditional acceptance 
of a UN. Security Council reso- 
lution calling for ceasefire. 

Mr Said undertook to report 
Hi» message bade to Baghdad, 
but offered no farther com- 
ment beyond an explanation 
which the Iraqi Government 
has already seat to foe' UN In 
New York. Mr Tariq Aziz, the 
Iraqi Foreign Minister, has 
said Iraq resawed the 
so-called tanker war alter a 
six-week tall because of what 
he called Iranian procrastina- 
tion over accepting the UN res- 
olution InfalL 

Britain and a number of Us 
European allies are farious 
about foe renewed air raids 
since they came at a time when 
Iran , was showing sign% of re- 
sponding to UN peace efforts. 
They are also seen as Increaa- 
Ing Hte danger of a spread of 
the conflict, since Iran has re- 
portedly threatened to retali- 
ate for Iraqi attacks by striking 
other shipping in foe Gul£ 

London had previously been 
trying to step up the pressure 
on Tehran by pushing for an 
international nan on arms 
sales, on. foe groands that Iran 
had failed to comply with the 
reaolntkm. 

The US has also expressed 
dismay at foe resumption of at- 
tacks, though Washington has 
qualified Its disapproval by 
saying that foe decision was 
”nndentandable” in the light 
of Iran's failure to accept the 
UN resolution. 

Iraq in debt, Page 3. 


Coca-Cola set 
to spin-off 
film division 

BY ANATOLE KALETSKY M NEW YORK 


COCA-COLA, the US soft drinks 
conglomerate which has be- 
come a formidable force in the 
flip and television business 
since acquiring Columbia Pic- 
tures in 1981, is spinning off its 
entertainments business sector 
and merging it with Tri-Star 
Pictures. 

The complex manoeuvre will 
create a film and TV company, 
to be run by Tri-Star’s present 
management, with revenues of 
3L5bn and assets of 53bn, a size 
that will rival the giants of Hol- 
lywood: Parainount, Warner 
'and MCA 

Coca-Cola currently owns 
about one^ third of Tri-Star, a 
middle-ranking film company 
whose chairman, Mr Victor 
Kaufman, is well regarded on 
Wall Street 

The company’s much larger 
in-house entertainments divi- 
sion; by contrast, has lately 
been criticised by some share- 
holders, partly as a result of the 
large losses suffered by Ishtar, 
a leaden comedy starring Dus- 
tin Hoffman and Warren Beatty, 
which has been one of the cost> 
tiest flops in Hollywood history. 

Coca-Cola will now hand over 
to Mr Kaufman's company the 
assets of its entertainments 
business sector in exchange for 
additional Tri-Star stock, suffi- 
cient to boost the Coca-Cola 
stake to 80 per cent It will then 
distribute shares in foe newly 
enlarged Tri-Star as a special 
dividend to Coca-Cola share- 
holders, reducing foe compa- 
ny’s own holding in Tri-Star to 
49 per cent 

After foe manoeuvre is com- 
pleted, Tri-Star will probably 
be renamed Columbia Pictures 
Entertainment and will apply 
for a listing on the New York 
Stock Exchange, Coca-Cola offi- 
cials said. The Colombia movie 
business, which is now run by 
Mr David Puttnam, the British 
film, producer, is expected to 
continue operating separately 
from the Tri-Star film produc- 
tion business. 

Although Coca-Cola officials 
said that yesterday’s decision 
was* unconnected with the $25nx 
provision for Ishtar losses in 



David Pnttnam, head of Colum- 
bia's movie business which is 
likely to remain independent 
of the new grouping 

the second quarter, analysts felt 
that the restructuring was moti- 
vated partly by the flattening 
out of the entertainment divi- 
sion’s rapid earnings growth. 

Among the advantages of the 
new structure will be foe possi- 
bility of continuing with foe ac- 
quisition strategy followed by 
Coca-Cola on the basis of foe 
entertainment industry’s more 
attractive multiples. The newly 
combined company will have 
gross assets of $3.1bn and total 
liabilities of 52.1bn, including 
only $628m of Interest-bearing 
debt - a low level of gearing by 
foe standards of the entertain- 
ment industry. 

In addition to Columbia and 
Tri-Star, the group will include 
Embassy Communications and 
Mere Griffin Enterprises, two 
television production compa- 
nies bought in the last two 
years, plus Loews Theatre Man- 
agement, a major theatre chain 
acquired by Tri-Star last year. 

Coca-Cola's entertainment 
business sector had operating 
profits of $230m on revenues of 
$L3bn in 1966, but suffered a 
'small” loss in foe second quar- 
ter. 


FT finds a new home 

BY WHJJAM COCHRANE M LONDON 


PEARSON, the diversified UK 
industrial holding company and 
parent of the Financial Times 
newspaper, yesterday an- 
nounced the £74.4m ($121 m) 
purchase of a building to re- 
place foe newspaper’s City of 
London head office, which it 
sold to a Japanese group 
The new building. Horseshoe 
Court, is part of a Regalian 
Properties development near 


London Bridge Station, on the 
other side of the River Thames 
from the City. 

The 155,000 sq ft build- 
ing(14 > 400sq m) is expected to 
meet the needs of foe newspa- 
per for the foreseable fature. 
The decision to move south of 
the Thames reflects the short- 
age of City office developments 
due to be completed in the next 
two years. Page 23 


ONE TRIP TO PETERBOROUGH 
SAVED THIS TRAVEL COMPANY 
OVER £3 MILUON LAST YEAR. 



In business as well as in 
travel Thomas Cook have 
always been going places. But 
never more so than since they 
moved their international 
headquarters to Peterborough. 

With Peterborough^ over- 
heads amongst the lowest in 
the country, Thomas Cook 
annually save millions compared 
with the cost of operating in 
London. Yet they’re still only 
50 minutes by high speed 125 
train from the capital 

Presently, we have office 
space ranging from 200 to 
60,000 sq. ft. ready and waiting 

to be moved into. 

Of course, like Thomas 
Cook you might prefer 
something built to your own 
design, in which case we can 
provide you with the ideal 
location. 

Don’t you just wish you 
were here? Then cut out the 
coupon now. 


a: John Bouldin, Brrcrborough Development Corporation, 
Smart House, Gty Road, Peterborough PEI 1UJ. Please send me 
your free complete guide to relocation. 


FOR CENTVRIES. 






EUROPEAN NEWS 


EC, UK seek Swedish help on cartel claim 


BY KEVIN DONE IN STOCKHOLM 


EUROPEAN COMMUNITY and 
UK competition authorities are 
seeking Information from 
Sweden on the alleged cartel 
activities of a group of 
European military explosives 
producers. 

The close commercial links 
between the companies have 
been revealed by a Swedish 
customs investigation into the 
smuggling of explosives and 
weapons to the Middle East by 
Nobel Industries, the Swedish 
armaments and chemicals 
group, and its subsidiary 

Bofors. 

The investigation has already 


triggered a cartel probe by 
Sweden’s Office of Competition 
Ombudsman (NO). Ms Eva 
Tetzell, head of section at NO, 
said that copies of its initial 
report had been sent to 
Brussels and London after 
requests from the EC's com- 
petition directorate and the 
UK’s Office of Fair Trading. 

The NO report says that 
documents seized during raids 
on Bofors offices indicate that 
Nobelkrut, a division of Nobel 
Industries' chemicals and 
explosives sector, had operated 
as **a member of three differ- 


ent international explosives 
cartels.” 

The report says that other 
European explosives producers 
that were members of one or 
more of the alleged cartels 
between 1981-85, the period 
covered by the customs investi- 
gation, included snpe of 
France, Dinamite of Italy, 
Nobel Explosives Company, a 
subsidiary of Id of the UK, 
SSE of Switzerland, Dyno 
Industrier of Norway, and FRB 
of Belgium. 

The Bofors documents cover 
alleged cartel operations in pro- 


pellant powders, PETN, an 
explosive, and R DX, a plastic 
explosive. The NO report says 
tiie documents Show the com- 
panies were engaged in 
activities aimed at fixing prices, 
daring orders and dividing up 
markets. 

The Office of Competition 
Ombudsman in Stockholm is 
now seeking an urgent meeting 
with Nobel Industries officials 
to seek more Information about 
the Swedish company's activi- 
ties. 

Ms Tetzell said yesterday 
that a letter received from 


Nobel Industries on Monday in 
response to its. first inquiries 
contained only scanty informa- 
tion. 

The letter from Mr Lars 
Gothlin , director of legal I 
affairs at Nobel Industries, ! 
refers exclusively to the com- 1 
pony's activities regarding the 1 
Swedish marefct and only covers 
the years since 1985. 

- He says that the company has 

not taken part in “any co- 
operation with foreign pro- 
ducers o t propellant powders or 
PETN with the effect of restrict- 
ing competition in Sweden.” 


Pope calms Jewish fears 


BY JOHN WYIES IN ROME 

THE VATICAN’S tense rela- 
tions with world Jewry were 
eased yesterday after an un- 
usual 65-minute discussion 
between Pope John Paul H 
and nine leaders of Jewish 
organisations. 

More a relaxed conversation 
than a normal Papal audience, 
the meeting at the Pope’s 
a iimm er residence at Castel- 
gandolfo was a small piece of 
history designed to heal wounds 
most recently caused by the 
state visit to the Vatican is 
June by President Kurt 
Waldheim of Austria. 

American Jewish leaders 
have been threatening to carry 
the'r orotest as far as boy- 


cotting a meeting with the 
Pope in Miami during the 
Pontiff's visit to the US from 
September 10-19. But after 
yesterday’s exchanges, Mr 
Seymour Reich, president of 
B'Nai BTtith International, said 
that the success of the Miami 
meeting had been assured. 

The encounter is being seen 
as an important novelty In a 
relationship which has been 
frequently strained this centmy 
by the Roman Catholic Church’s 
failure to condemn the holo- 
caust during the Second World 
War and its continuing reluct- 
ance to recognise the state of 
IsraeL 

According to the delegation. 


the Vatican is now preparing 
a document for publication in 
the winter on the roots of anti- 
Semitism and the significance 
of the h ol oca u st which will be 
a re-examination of tbe 
Church’s attitude to it 
Rabbi Gilbert Klapennan, 
president of tbe Co until of 
American Synogognes, said that 
the Pope had not specifically 
responded to the questions put 
to !»*n by the delegation on 
the Waldheim visit, but he had 
made “a moving declaration” 
on tiie holocaust, speaking of 
his youth “in a country where 
there had been Jews before the 
war and none after.” 


US warheads key to deal 
on missiles, says Moscow 

BY PATRICK COCKBURM M MOSCOW 


THE SOVIET UNION said 
yesterday that the US most 
agree at the Geneva negotia- 
tions to eliminate its 72 nuclear 
warheads which arm the West 
German Pershing 1A missiles 
if there is to be an agreement 
on plimtnflHnt* medium and 
shorter-range missiles. ~ ' 

Mr Alexander Bessmertnykh, 
the Soviet Deputy Foreign 
Minister, said that the offer by 
Ch&nce&or ffefczzat Kohl of 
West Germany to scrap the 
fnfasaes was useful but bad not 
led to progress at Geneva. 

Ftn p hmrfsmg that the Soviet 
Union considers the Pershing 


lAs as the most important 
remaining obstacle to an 
agreement with the US, Mr 
Be ssm e rtnyk h said Moscow 
was interested in the US nuclear 
warheads rather than the West 
German rockets which propel 
them. . 

Mr Bessmertnykh : also 
stressed that without agreement 
on the elimination of medium 
and shorter-range nuclear mis- 
siles there would be no summit 
meeting between Mr MUfaall 
Gorbachev, the Soviet leader, 
and President Reagan. Hie de- 
nied that a date is currently 
being discussed. 


Sherry 
strikers 
hit harvest 

By David WNte *t Madrid 

TRUCK LOADS of grapes were 
emp tied on to the road near one 
of the main sherry houses at 
Jerez de la Frontera in 
southern Spain yesterday as 
workers at sherry companies 
staged the second day of a 
planned three week strike. 

Hie strike, called by three 
trade -unions and affecting 4,000 
employees, is timed to coincide 
with tbe harvest and has caused 
serious concern among local 
growers. 

Two tracks of newly-picked 
grapes being delivered to one 
company were attacked by 
workers yesterday and in -other 
parts of the region roads were 
blocked to prevent the harvest 
from being brought in. 

Growers, who have been 
expecting a harvest valued at 
between PtaTba and PtaSbn 
(£40 Am) say the strike could 
lead to a 5® to 60 per cent cat 
in production if grapes are-left 
to rot. 

Thp bus re ac hed a 

peak after nine months of nego- 
tiations on. wages and working 
hoars. Unions are seeking an 
8 per cent pay increase, against 
5.5 per cent offered by the 
employers. 

Meanwhile, air traffic con- 
trollers in Barcelona are due 
to meet today after confirming 
a strike plan for Saturday.. 


Fi nancial Times Wednesday September 2 1987 


French unions press 
for higher wages 
as inflation grows 



BY GEORGE GRAHAM IN PARS 

FRENCH TRADE unions are 
beginning to press for higher 
wages in the light of tile fester 
rate of inflation now expected 
this year. 

Trade union leaders, who for 
the most part agreed to 
increases of 1-5 to 2-5 per cent 
zn fids year’s pay negotiations, 
are keen to defend their mem- 
bers’ . purchasing power now 
that Mr Edouard Balladur, the 
Finance Minister, has admitted 
that inflation is likely to exceed 
8 per cent for the whole of 1987. 

-Besides the acceleration of 
inflation, employees have seen 
their take-home pay cut by the 
emergency contributions which 
have been imposed in mi 
attempt to fill the yawning defi- 
cit in the social security bud- 
get. 

The greatest pressure is ex- 
pected to come in the public 
sector, where pay rises were 
for the most part limited to 1-7 
pet cent, spread in three instal- 
ments over-" tbe year. Some 
unions have already called for 
a supplementary increase 
before the end of the year. 

But Mr Herve de Charrette. 
Civil Service Minister, said yes- 
terday that it was too early to 
of an extra payment. 

He said tile Government 
would do its best to maintain 
the purchasing power of state 
sector employees, but tha it was 
premature to consider a supple- 
mental? payment, when tbe in- 
flation figures for the year were 
not yet known. He insisted that ; 
inflation was likely to be “a 
little over 3 per cent, not a lot 
more.” . 

In the industrial and service 
sector, wages rises have been 
moderate this year. Insee the 
national statistical office shows 
a 1 L6 per cent ' rise over the 
past year in labour costs in the e 
engineering and electrical in- a 
dustries. - J 

Officials at tbe CNPF, the n 
French employers’ federation, fa 
fear that there may be a “ win- y 



X*. '"Iff . - <~ 

• . ? , < 

- v-'V.'" V* V 

iji&g 2 - 

.<V_ • . ■ 

• ** w ' 

... 


Balladur: inflation likelyto 
exceed 3 per. cent. ' 

daw of vulnerability” to tola 
winter's wage negotiations. 

Whereas in 1988 employees 
saw their purchasing power 
increase because inflation was 
lower than the Government had 
forecast, to 1987 they will aee a 
reduction because the Inflation 
forecast has tamed out to be 
too low. 

Other observers- fear that the 
massive rent increases— often 
40 per cent and in some cases 
100 or 200 per cent— being 
demanded fay landlords in some 
areas after toe introduction of 
a rent act earlier this year will 
fori employees' pay demands. 

The CNPF issues pay nego- 
tiation guidelines to its member 
companies at toe end of Novem- 
ber, and most big industries 
negotiate with their trade 
unions ■ in December and 
January. But in recent years 
negotiations have become less 
bunched around the turn of the 
year. 


W German GNP rises by 
1.5% in second quarter 

BY HAIG SIMONIAN IN FRANKHIRT 

West German gross year and followed a 2.6 per emit 
national product in the second upswing to the first three 
quarter of 1987 rose by 15 per months : pf tins year. Meanwhile, 
cent in real terms com oared with public sector consumption' in* 
toe first three months of toe creased by 15 per cent, viifle 
year, when GNP -feR by 05 per - capital T?oods investment was 

„tQ, .figures rfr. -QjL.pgr-ceBt^highfj. 

by. toe EpdeteL,. ^However., investment*: in 
_ ' ' building fen 4# L2 per' cent 

However, real GNP in toe while foreign trade to the 
second quarter only -went up second quarter declined overafi. 
*7 0-8 can* against toe Exports fell 2.6 per cent below 
same period last year on at> their level for too same time 

k®* y** 1 bapnrts of goods 
St^cJTofflS ^ eDj ^ fiervices remained stride- 

Nevertheless, the latest rise, -tff £ 
which is better than expected, economy has gotgoing 

also exceeds the 0.6 percent and has broken free of 

GNP growth forecast for the sperial restraimng factors, such 
second quarter made recently astoe sharp fall U building 

by the International Monteaxy “5? 

winter, according to the Fed* 

Tbe improvement to GNP was eral Economics Ministry. . 
largely due to higher private The Bonn authorities expect 
consumption, which went up by toe present rate of growth to he 
2.3 per cent in real terms maintained, during toe .coming 
against the same period last months. 


Poland ducks issue 
of Soviet oppression 

BY CHRISTOPHER BOBINSKI IN WARSAW 

PROGRESS in revealing the that Poles suffered wrongs at 
truth about controversial the hands of toe Soviets during 
moments in Polish-Soviet rela- this period. Censorship on the 
tions is likely to be slow to Katyn issue has also eased to 
Judge by a joint press con- toe past few months For ex- 
ference given in Warsaw yes- ample, the local party news- 

SSfl 8 ? Urb “* paper *“ Poznan was permitted 

PoUsh spokesman, and Mr to publish that the Red Cross 
Gennady Gerasimov, his Soviet had concluded that the Soviets 
counterpart. had been responsible for the 

- Mr Gerasimov ducked a direct Katyn massacre while the 

Sfcrte* blamed the Germans. 








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CONSOLffifiTED ASSETS AT3I DECEMBER 1985 
EXCEED US$91 BILLION, 


** Urta “ also hinted that” a 
subject came to toe fore in the growth to public protests over 

pes* unsolved questions would 


“blank spots” from each other’s 
history books. The issues at 
stoke include toe dissolution of 
the Polish Communist Party in 
1938 and the elimination by 
Stalin of its leadership and the 
fate of more than im Poles 
deported to toe Soviet Union 
to 1940 and 1941. 

The .two official^ were speak- 
ing the day after the Polish 
party newspaper Trybuna 
Ludu published extracts from 
an article which General 
Jamelskl has written for toe 
leading Soviet. " ideological 
journal Communist. Tfa© Polish 
leader, 'who himself 'was de- 
ported to the Soviet Union in 
1940, writes that as a result of 
toe Molotov /Ribbentrop pact 
to 1939 “ thousands of Poles 
aiffered repression and depor- 
tation but a majority returned 
to their homeland after the 
■war.’* 

This is toe first time that a 
Polish party' leader since the 
war has admitted in public 


.Union. 


~ FINANCIAL 1Bf£S 

Pnblnbed by Tbe Flaaacial Ties 
(EnrapgJ Ltd., Friaifart Brudb, 

nl, HOHabMur ibe BuwlafDlMiaa. 

H. A. R hUOaa. G. T. S. 
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Drackcret-GiabB, ftaaMiut/ Mala . 

I. © Tbe RBqKto Jims l*. 


anm. Secoad dta pange nid« : 

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3 


Tinanclal Times Wednesday September 2 1987 

EUROPEAN NEWS OVERSEAS NEWS 



Ad^oim ttiptococflqld 
Maltese political passions 


MALTA’S, new : Prime Minister 
Dr Eddie Feoedt Ad ami’s first 
100 days lit power slipped un- 
even tf oily by last week without 
a political achievement of any 
note:- ■" - • 

-This Is readily conceded by 
Dr Fenech jidiiml -whose pro* 
Western - Christian Nationalist 
Party Hjn Mayg drove into 
opposition Dr Xarmdo Mifsud 
Bonnici's socialists ‘ after 16 
years'iri government. 

Dr Fenech Adazni’s soft shoe 
shuffle strategy for heating -the 
island’s-, political, social -and 
ecodomic wounds . has taken . 
many by- surprise. :■ 

Dr Mifson Bonnid says'; ■ " In 
the field- of foreign .policy; to 
pich . one example, they. -haVe 
made a complete U-ium-They 
are now propping up positions 
which * we. created -and ' they 
bitterly opposed before the 
election.” • 

There is much to n pn fl™ ' thin 
Judgment. - 

Dom Mintoff to :ther’ ^Soviet 
Union, have been renewed. 

Warm - relations : with- Libya, ■ 
once suspected of having dark 
designs In Its use of Malta, are >• 
enthusiastically- promoted. W hen 
Foreign Minister Dr Vincent ! 
Tabone recently condemned US 
bombings last year of. Tripoli' 
and Benghazi he appeared to: 
have breached the government’ s 
policy of not condemning states 
in dispute. - 

Relations with the US itself 
have improved — possibly beyond . 
what . is .. pubhcly discussed, 
although no meeting with Presi- ! 
dent Ronald Reagan could 
apparently be. fixed for Dr; 
Fenech Adami . when be visits 
tiie US in October. 

The evidence thus suggests 
that the' new- government;; not 
unlike the previous one, , is not - 
against .-equally 

warm diplomatic, ties-withboth ; 
superpowers. . "• .'T 

Meanwhile, - brad, which 
recently dispatched its director , 
for foreign affairs to' Malta, may 
step up its diplomatic repre- 
sentation and Britain has sent 
a team of experts to~advise on 
the restructuring of thaishmd'a. 
armed forces.. - 

Dr . Fenech - AdamTs sup^ 
porters, .who. mounted a hercu- 
lean -effort, to topple the. 
BoaaHst%':are hardly placated 
by these “mild achievements. 
They expected significant ^re- 
forms. to reverse -controversial 
decisions And the feat now is 
-tibat the^ government has slipped 
into .working .'wonder. - -toe 
lengthened shadows of its pret- 


Godfrey Grima in 
Valletta reviews a 
prmie minister’s 
first 100 days 


iP 


Dr Eddte Fenech Adami: 
few achievements so tar 

decessar, ; , 

- The reason Dr. Fenech Adami, 
who enjoys widespread popular 
backing, still appears inhibited 
by his political toes, is to be 
found not least, in the island’s 
political realities, including his 
sfngteseat . . . parliamentary 
majority. In the face of this, he 
has pursued a policy of national 
reconcilation, maintaining that 
only with a concerted effort 
; backed by the opposition and 
the trade’ unions can Malta 
launch a serious economic 
development effort 
. It . would be a mistake to 
judge Dr Fenech Adami, a 
shrewd lawyer , with an implicit 
faith in his political judgments, 
at face value. -The moves to 
watch out .tor are not those 
which fuel political passions^ 
siicb as settling scores with old 
toes.. 

-. . The process . initiated after 
the election to generate in- 
creased, confidence abroad and 
'greater national unity at home, 
he -says, is his. government’s 
real achievement -in these past 
three months. 

“The smooth transfer of 
power from the hands of .one 
party , to the other confirmed 
our credentials as' a' democracy. 
Now. .we need that process to 
seep through,; and ..tint takes 
'some -time,” he says. 

Cohfidezice'in'Malta, lie say8, 
- is rising:- Work forthe island's 

troubled sMp-ropajr.and sbip 


building yards is picking up 

For government to bog Itself 
down in run-ins with the opposi- 
tion party over parochial issues 
while reforms. Including con- 
stitutional changes, are in the 
melting pot, would prove 
counterproductive, he says. 

Divisive issues, including that 
of widespread corruption and 
the abuse of power in past 
years, concern over which 
helped sweep the nationalist 
party into power, may well 
continue to lose their priority. 

“ We don’t' want to rock the 
boat unnecessarily with the 
opposition,” says the Prime 
Minister. 

Soon Dr Fenech Adami will 
face his first test when, in pre- 
senting bis first budget, he must 
start delivering on his electoral 
pledges to get the economy ant 
of its rut. 

Clearly Malta’s economic 
problems depend on first de- 
fusing the passion tor politics 
which drives the Maltese. By 
reforming their creaking poli- 
tical system the Maltese may 
find a- way out- of their seem- 
ingly endless impasse. . 

As a first step the new gov- 
ernment is suggesting giving 
the island’s largely ceremonial 
president increased powers 
while turning the presidency 
into a symbol of strength and 
national unity capable of keep- 
ing the two equally-balanced 
political parties at a safe dis- 
tance; Shortly before parlia- 
ment rose tor the summer holi- 
days a select committee was set 
up to suggest what powers to 
give future presidents. 

The new incumbent may well 
be Dr Fenech AdamTs former 
arch political foe Mr Mintoff. 
who would not fill the post 
unless his functions were more 
executive. Dr Fenech - Adami 
has discussed the prospects of 
sanctioning Mr Mhrioffs nomin- 
ation to the presidency but has 
not committed himself. 

The idea of both parties 
being involved ur the running 
of the country is not without 
its risks, given the Island’s deep 
political divisions. Yet if Dr 
Fenech Adami succeeds in 
breaking the mould the island 
is more likely to keep its poli- 
tical passions, which often 
erupt into street battles, under 
tight reign. 

. He is weQ aware however, 
that the parties need each other 
if Malta is to be shepherded 
into a new era of greater poli- 
tical stability mid, -economic, 
prosperity. V ' -.= 


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Bul garian 
companies 
to depend 
less on state 

By Judy Dempsey In Sofia 


CHANGES are taking place in 
Bulgarian enterprises which 
will give them greater Indepen- 
dence and make them more 
concerned with profit and com- 
petition and less dependent op 
the state to dictate production 
levels and output, said a senior 
official from the Bulgarian 
Ministry of Trade. 

Mr Antonas Paparizov, direc- 
tor general of the Ministry of 
Trade, said yesterday that if 
Bulgaria is to respond to the 
r hanging conditions in the 
world economy enterprises will 
have to adopt a more market- 
oriented mentality if they are 
to survive. But Mr Paparizov 
insists that survival and profit 
must be linked to satisfying 
the needs of the market 

The Bulgarian authorities 
have been introducing cautious 
economic reforms for nearly 
20 years, partly aimed- at 
decreasing toe role of the state 
in certain areas of planning 
as well as modernising the 
country’s largely agrarian- 
based economy. 

There is growing consensus 
a wiii ng Bulgarian officials ami 
economists that the changes 
undertaken during the 1970s 
must be complemented by a 
radical overhauling of both the 
state structures as well as a 
fundamental reorganisation of 
the enterprises. 

This point was clearly spelt 
out by the Bulgarian Communist 
Party leader, Mr Todor Zhivkov, 
at a central committee plenum 
in July. 

The more favourable climate 
in the Soviet Union has given 
the authorities in Sofia an im- 
petus- to continue with their 
reforms but at a more intense 
pace. 

Ministries played a major 
role in dictating norms and 
directives in previous years. 
This will now change.' “The 
Ministry of Trade will assume 
a more legislative and consulta- 
tive role,” said Mr Paparizov, 
who is particularly interested 
in making the Bulgarian 
economy more outward-looking 
and competitive. 

Managers in. future, he says, 
will be able to set their own 
productivity levels as well as 
decide on wages, salaries and 
the organisation ■ of the enter- 


Stephen Fidler examines the financial strategy of running a war 

Iraq in $60bn debt negotiations 


IN THE seven years it has been- 
waging the Gulf War, Iraq has 
been transformed from one of 
the Third World's richest 
countries into one of its largest 
debtors. 

With foreign reserves down 
almost to nothing, Iraq owes up 
to $S0bn and possibly much 
more to foreign lenders. On 
much of It payments have been 
at best irregular or in some 
cases years late. 

In contrast with those of 
Brazil' and other major Third 
World debtors, however, almost 
nothing is heard of Iraq’s 
foreign debts. 

The Baghdad government 
would like to keep it that way. 
With tiie shrewd tactic of 
dealing with creditors separ- 
ately and insisting that they do 
not consolidate their- interests, 
it has largely succeeded. Little 
hard information is available to 
outsiders on Iraq’s debt position 
because nobody gets the whole 
picture. 

According to bankers with 
knowledge of the country, how- 
ever, Iraq is now in the process 
of negotiating a significant 
restructuring of much of its 
foreign debt, which is already 
in use in several important 
areas. 

This, together with higher 
oil prices and production which 
has risen to levels not seen 
since the early days of toe war, 
suggests a si gnifican t improve- 
ment in the country's financial 
position since the plunge of oil 
prices early last year. 

Revenues from oil exports 
may reach $llbn this year, with 
the recent commissioning of a 
new 500,000 barrels a day (b/d) 
pipeline through Turkey, taking 
its export capacity to 2m b/d. 
This compares with about $6bn 
last year. 

With so much dependent on 
the course of its war with Iran 
and -on ofl prices, however, it 
Is- impossible- to predict how 
long this improved state of 
affairs will continue. 

“ Iraq is not out of the woods 
yet,” commented one banker in 
the Middle East His view was 
that so far recent events had 
merely halted the deterioration 
of Iraq’s foreign debt position. 

' Baghad has been extremely 
selective about' bow it distri- 
butes foreign currency for debt 
service. What at first sight has 
-seemed rather, chaotic is in fact 
a debt servicing policy made 
^according to a complex pecking 
order of creditors. 

' . At the bottom seem to be'the 
largest creditors— toe Gulf Arab 
slates, particularly Saudi Arabia 
and Kuwait, which - have bank- 


Iraqi officials are expected 
to visit London this month to 
negotiate a new line of credit 
to finance British exports, 
writes Stephen Fidler. 

Two existing lines of credit, 
one for £2?5m arranged by 
Morgan Grenfell and the other 
fer £300m led by Midland 
Bank, will expire at the year- 
end. 

Bankers said that Iraq’s 
payments record under the 
two lines bad been good, with 
banks experiencing only 
minor delays in some repay- 
ments, and expected that the 
granting of a further credit 
line would enenorage It to 
stay that way. 

A new protocol might be 
expected to include a general 
purpose credit, with credits 
for pharmaceuticals and p os- 


food, and a line pos- 
sibly for one project financ- 
ing. 

Whitehall officiate are ex- 
pected to discuss the matter 
In committee earlier this 
month, and bankers believe 
they will give the go-ahead In 
principle. 

There Is £89m left to dis- 
burse on the £300m credit, 
announced in 1985. The sign- 
ing of deals accounting for 
.the remainder— ££2m in a 
general purpose line to buy 
British goods and a further 

£28m tied to three Specific 
projects — is expected immi- 
nently. 

The earlier £275m loan has 
some £30m left unused, and 
this too should be disbursed 
by toe year-end. 


rolled Baghdad 
much of the war. 


throughout 


The political nature of these 
credits, usually estimated at 
$30bn to $40bn but now pos- 
sibly more, suggests at least 
they are not being serviced 
while the war with Iran goes 
on. They may even be regarded 
by toe Iraqis as grants. 

However, felling oil prices 
have brought their share of eco- 
nomic problems to all the 03 
states of the Gulf, as well as 
to Iraq itself, which suggests 
that the pace of aid has fallen 
off in recent years. 

At the other end of toe scale, 
commercial bank leaders in 
medium-term credits to Iraq 
report a fairly good repayments 
record although Iraq has needed 
to reschedule its three major 
medium-term loans. 

A $500m loan led by Paris- 
based Union de Basques Arabes 
et Francoises and signed in 1983 
has already been rescheduled, 
after a missed principal repay- 
ment last September, the fourth 
of seven. 

Under the new schedule, toe 
missed payment will be paid off 
in ax-monthly instalments end- 
ing In September 1988. The 
remaining three principal repay- 
ments have been pushed beck 
two years, and ere scheduled to 
be repaid over 18 months start- 
tog in March 1989. 

Rescheduled too is a $l25m 
pipeline finance loan led by 
Arab Banking Corporation and 
Apicorp of Saudi Arabia. Talks 
are now going on toreschedule 
the second $500m credit, raised 
In 1985 from banks led by 
Bahrain - based Gulf Inter- 


national Bank and a aimiiaT 
rescheduling is expected to 
result. 

However, medium-term credits 
account for less than $2bn of 
the estimated $9bn to $10bn 
Iraq owes to banks. And as 
lenders or guarantors of short- 
term funds, the banks’ experi- 
ences have not been so good. 

Iraq stopped honouring letters 
of credit in the first half of last 
year, which severely damaged 
its ability to import normally. 
It is now negotiating bank-by- 
bank reschedulings of these 
debts, many of which are 
already complete and have 
succeeded in stretching out 
repayments for up to six years. 

Japanese trading companies 
have also had severe difficulties 
in winning repayments for pro- 
ject-related debts. Like many 
creditors, they have in toe past 
been offered oil In part pay- 
ment, but reports in Europe 
last week that certain Korean 
and Japanese debt has been suc- 
cessfully restructured could not 
be confirmed. 

Debt guaranteed by the 
western export credit agencies, 
estimated roughly to total SlObn 
to $15bn, receives variable 
treatment True-to-form, Iraq 
has resisted a Paris Club-type 
rescheduling and handles each 
agency differently. 

Loans guaranteed by Britain’s 
Export Credit Guarantees 
Department have experienced 
only minor delays in repay- 
ments. Part of the reason for 
this seems ironically to he the 
failure of UK companies to win 
orders in Iraq in the early 
1980s. .. 


Saddam Hussein: debt-ridden. 

That meant the UK started 
late as a lender to Iraq at a 
time when other export credit 
agencies were pulling bat*, 
leaving spare credit for toe 
Iraqis provided they kept up to 
date on payments. 

In 1964, Midland Bank 
arranged a £S00m British line 
of credit for Iraq, of which 
there is £80m left to disburse. 
The signing of deals accounting 
for this — £52m in a general pur- 
pose line to buy British goods 
and a further £28m tied to 
three specific projects — is ex- 
pected imminently. 

An earlier, £275m protocol 
arranged by Morgan Grenfell 
has some £30m left unused, and 
this too should be disbursed by 
the year-end. 

Iraqi officials are then 
expected to be in the US some 
time in September in an attempt 
to negotiate further credits, and 
toe current expectation is that, 
they will achieve something. 

Coface of France is also said 
still to have open lines for Iraq, 
Like other export credit 
agencies such as SACE of Italy, 
it is said to have agreed to a 
separate rescheduling with 
Baghdad. 

Completing the debt picture 
are the significant sums Iraq 
owes for arms purchases, 
although details of such 
financin gs are even harder to 
pin down. 

If there has been an improve, 
ment in Iraq’s finances, it has 
yet to be felt inside the coun- 
try, where a policy of suppres- 
sing imports continues. The 
regime's guns - and - butter 
policies of toe early years of 
the war are clearly untenable 
and there are shortages of even 
basic products in the shops.. 








4 


F inancial Times Wednesday September 2 1987 


OVERSEAS NEWS 


UK re-flagging 
for Kuwaiti 
tanker soon 

BY KEVIN BROWN AND ANDREW GOWERS 


FORMAL procedures for re- 
registering a Kuwaiti oil tanker 
under the British flag are 
expected to begin within the 
nest 10 days, in the first such 
move directly involving the UK 
shipping register. 

The al-Faiha, a supertanker 
owned by the Kuwait Oil 
Tanker Company (KOTC) la 
currently on Its way to Kuwait, 
according to the Department of 
Transport in London. 

When it arrives some time 
between now and September 10. 
the British consul will begin 
the paperwork to re-name it 
the Tonbridge (after the US- 
registered Kuwaiti supertanker 
the Bridgeton) and give it a 
provisional six-month entry on 
the UK register. 

At that point, it will be 
Immediately entitled to fly the 
Bed Ensign, which will enable 
It to obtain assistance if neces- 
sary from the Royal Navy's 
Armllla Patrol in the Gulf. 

Although the British Govern- 
ment Insists that re-registering 
chips is a purely commercial 
and administrative matter, the 
move to transfer the al-Faiha 
has developed strong political 
overtones at a time when 
Kuwaiti ships are under threat 
of Iranian attack. 

Eleven Kuwaiti tankers are 
being re-registered under the 
US flag, and the State Depart- 
ment in Washington has been 
keen to publicise Britain’s in- 
volvement in re-flagging opera- 
tions, much to London's em- 
barrassment and annoyance. 

Two Kuwaiti tankers have 
already been transferred to the 
shipping register in Gibraltar, 
which also entitles them to fly 
the British flag, and the 
Kuwaitis have also chartered a 
number of ships there. Fears 
have been expressed that these 
moves, together with the re- 
flagging of the al-Faiha, could 
drew Britain directly into any 
shooting war in the Gulf. 

Shipping executives say these 
fears have probably been over- 
played. They are, however, sur- 
prised by the move to place a 
Kuwaiti tanker directly on the 
UK register, which is a rela- 
tively expensive operation in 
view of the administrative 
criteria involved. 

These include British owner- 
ship— which KOTC could satis- 
fy through its existing UK sub- 
sidiary — and a British master 


Foreign ministers of the 

Gulf Co-operation Council 

(GCC), which groups six 
Gulf Arab states, have been 
called to a meeting in Jeddah 
on September 12 to discuss a 
new flareup in the Golf 
tanker war, Reuter reports 
from Bahrein. 

The official Saudi Press 
Agency on Tuesday quoted 
the GCC Secretary-General, 
Abdullah Bishare, as saying 
the meeting had been called 
to “evaluate the situation in 
the region in light of recent 
developments.” 

The decision to hold it 
after “intensive con- 
tacts during the East three 
days,” he added. 


and senior officers. Most of the 
re-registration that has taken 
place in recent years has been 
out of Britain towards so-called 
flags of convenience such as 
those of Liberia and Panama. 

There is no mechanism for 
the Transport Department to 
refuse permission for re fl agg ing. 
unless the applicant company 
or ship fails to meet the criteria. 

But in what appears to have 
been an attempt to discourage 
use of the Red Ensign by 
Kuwait British officials have 
been anxious hi play down the 
extent of protection offered by 
tiie three warships of the 
Armilla PatroL 

This accompanies Britiah-Aag 
ships as far as Bahrain, but 
not in the dangerous waters of 
the northern Gulf. The Patrol’s 
mission remains unchanged, 
officials say, despite the Govern- 
ment's decision last month hi 
augment it by sending four 
minesweepers to the region. 

Meanwhile, the Government 
is quietly confident of obtain- 
ing adequate back-up facilities 
for its additional warships from 
states in the region, principally 
Oman. Bahrain and the United 
Arab Emirates. 

It is understood to have re- 
ceived top-level assurances that 
the crews of the minesweepers 
will be allowed rest and supply 
facilities in the southern Gulf. 
Formal basing rights have not 
been sought and are not re- 
garded as necessary, however. 


Hussein in 
bid to 
reconcile 
Syria, Iraq 

KING HUSSEIN of Jordan flew 
to Damascus yesterday in a 
surprise visit apparently aimed 
at reconciling Syria and Iraq 
ahead of a possible Arab 
summit meeting on rising 
tensions in the Gulf, Beater 
reports. 

But the chances of success 
appeared dim. with Syrian 
media Intensifying the attack 
on Baghdad and Iraq's Presi- 
dent Saddam Hussein, diplomats 
said. 

The Jordanian king, on his 
second visit to Syria within 
four months, was due to meet 
Syria's President Hafez al-Assad 
to pursue his efforts to end 
feuding between Baghdad and 
Damascus, they added. 

Neither side has given any 
details about the substance of 
the talks. 

King Hussein's previous 
attempts to end the Syria-Ireq 
row have stumbled on demands 
that Syria cease its support for 
Iran. 

“I think a reconciliation at 
this time would be tantamount 
to a miracle,” one diplomat said. 

The diplomats said Syria 
agreed with the King on the 
need to prevent the spread of 
the Gulf war to other Arab 
states in the region. 

Hussein is the second Arab 
leader to come to Damascus 
seeking an end to the rivalries 
between Iraq and Syria, Iran’s 
main ally in its seven-year war 
with Iraq. 

Sheikh Zaid bin Sultan al- 
Nahayan, president of the 
United Arab Emirates was in 
Damascus two weeks ago on a 
similar mission, but seems to 
have made no progress, diplo- 
mats in the Gulf said. 

The Damascus newspaper al- 
Baath, organ of the ruling 
Baath Party, has accused Iraq 
of continuing the war with Iran 
to help the US. 

Jordan is a key supporter of 
Iraq and a conduit for its im- 
ports and exports. 

Hussein’s visit follows last 
week’s Arab League resolution, 
which Syria supported, calling 
on Iran to accept the UN's 
July 20 ceasefire call in the 
Gulf war. 

Diplomats said at the time 
an Arab summit might be 
called if Iren failed to heed the 
Arab appeal to accept a cease- 
fire by September 20. 

Hnsspin was accompanied by 
Prime Minister Zeid al-Rifa'i 
and senior aides. Officials 
declined to say how long the 
visit would last. 


Outcry over S African executions 


BY ANTHONY ROBINSON IN JOHANNESBURG 


TWO OF S3 Mack prisoners 
awaiting execution for murder 
and other capital crimes, com- 
mitted during the unrest which 
swept black townships over the 
past three years were executed 
in Pretoria prison yesterday. 

The executions took place 
despite an international and 
domestic campaign for the 33 
to be considered as political 
prisoners and not condemned 
as common criminals. Ur Hans 
Dietrich Genscfaer, the West 
German Foreign Minister was 
among foreign politicians who 


have added their voice to 
appeals for clemency without 
result 

The two men hanged yester- 
day, Mr Moses Jantjies and Mr 
Wellington Mteiles were con- 
victed for the murder of Ur 
Ben Kinikin, the black com- 
munity councillor and four of 
his children in the Eastern 
Cape township o* Kwanobuhle 
in March 19S5. 

They were killed, mutilated 
and burnt by a large crowd 
who attacked and set fire to the 
family’s funeral parlo or. 


Hours before the two men 
were executed, a Pretoria court 
handed down two more death 
sentences for the flaming tyre 
“ necklace ” murder of a black 
policeman in the township of 
Soshanguve north of Pretoria 
in February last year. 

The accused were condemned 
on the evidence of three out 
of four witnesses who testified 
in camera during the trial. The 
two condemned men are Oupa 
Mbonane and Sibusiso TWawitn, 
who now join the SI others 


stm in Pretoria's deathrow. 

The National Association of 
Democratic Lawyers (NADEL) 
a grouping of civil rights 
lawyers, condemned the execu- 
tions and announced the start 
of as intensive campaign for 
abolition of the death sentence 
“for offences of social concern.” 

It also called for “re cogni- 
tion by the South African state 
of political activists condemned 
for political offences as prison- 
ers of war in terms of the 
Geneva convention. 


Worrall adds voice to attacks on Botha 


BY ANTHONY ROBINSON IN JOHANNESBURG 


HR DENIS WORRALL, the 
former South African Ambas- 
sador to London, has added his 
voice to mounting criticism of 
what is widely seen as Presi- 
dent P. W. Botha's increasingly 
autocratic and belligerent style 
of leadership. 

In a personal attack on the 
president, Mr Worrall, who 
returned home to fight the 
whites only elections on May 6, 
as an independent, said: “No 
country can afford a head of 
state who acts with such 
impetuous! ty and self-indulg- 
ence.” 

Mr Worrell, who just Jailed 
to unseat Dr Chris Heunis, 
Minister for Constitutional 
Affairs, on May 6, made his 
remarks at Graboow in the 


Cape at the opening of the 30th 
constituency committee of the 
independent movement which 
aims to field candidates nation- 
wide at the next elections. 

. Concern about the way in 
which Mr Botha is exercising 
the wide ranging powers 
granted to the executive presi- 
dent under the 1884 tri-cameral 
constitution surfaced last week 
after a disagreement with Mr 
Botha led to the resignation 
from the Cabinet of the Rev 
Allan Hendrickse, the coloured 
labour party leader. 

Angered by the subsequent 
state controlled television cover- 
age of the Hendrickse resigna- 
tion, Mr Botha reportedly then 
demanded the dismissal of Mr 
Riaan Ecksteen, chief execu- 


tive of the Sooth African 
Broadcasting Commission. This 
Was resisted by the board. 

But the display of presiden- 
tial anger was widely inter- 
preted as an abuse of power 
and linked to a long line of 
'^finger wagging” incidents, 

Worse from the party politi- 
cal point of view are the deeper 
implications of Mr Hendrlckse’s 
resignation from the Cabinet 
and his threat to block Mr 
Botha's plans to change the 
constitution in order to avoid 
holding white elections again 
in 1988. 

Amgnrfnumft g to the constitu- 
tion require majority support 
in all three houses of the 
racially divided parliament. 
Without assent from the 


coloured and Indian houses, 
Mr Botha risks having to fight 
an election in 1888 against a 
right wing official opposition 
which is poised for further 
gains in many marginal seats. 

Mr -Hendrickse has made 
abolition of the group areas 
and related apartheid legis- 
lation the price of coloured 
aquiesence in Hr Botha's pro- 
posed constitutional changes. 
This has put- Mr Botha in a 
cleft stick as concessions in 
this direction would farther 
alienate right wing whites and 
farther weaken the national 

Pa §ther way Mr Botha’s own 
chances of being re-elected in 
the presidential elections also 
due In 1989 now look shakier.. 1 


Indian, tax 

officers 

raid 

newspaper 

By John Bfortt In New DM 
REVENUE officials yesterday 
raided offices in seven ci ties of 
the Inidan Express* the coun- 
try's largest circulation news- 
paper, alleging large- scale in- 

fringement of import doty and 
and evasion of corporate an in- 
come tax. 

The raids started a political 
storm because the newspaper 
has been leading a campai gn 
against Government corruption 
and has run a series of reports 
revealing allegations, of b ribes 
being paid on a controversial . 
$1.4bn gun contract. 

Mr Arun Shourie, the editor 
who has been directing the 
campaign, claimed the raids 
were “ an infringement of toe 
freedom of the press and politi- 
cally motivated." ■ •• 

The Government of Mr Rajiv 
Gandhi is ' under intense 
pressure because of the corrup- 
tion allegations and other . 
political problems. . 

Officials in the Government's - 
Directorate of Revenue Intel- 
ligence seized documents, 
alleging that printing machinery 
imported from Taiwan and 
other countries in the past six 
years under open general 
import licence arrangements 
were illegally sold to other 
users. 


David Dodwell reports on move to diffuse risk of political clashes in colony 

China calls for consensus in Hong Kong 


CHINA'S most senior representa- 
tive in Hong Kong yesterday called 
for consensus among those holding 

conflicting views on the colony’s po- 
litical future. 

Sinrp Peking hag maip rlonr its 
own objection to rapid political re- 
form before China’s post-1997 con- 
stitution for Hong Kong -called the 
basic law - is published in 1990, ob- 
servers s?» id the comment was like- 
ly to be aimed at isolating those in 
the territory pr essing for more 

democratic imndvement in elections 
scheduled for 1988. 

It is also aimed at diffusing the 
risk of political dashes as the Hong 
Kong Government draws to the end 
of a six-month public debate mi a 
Green Paper on political reform. 

Debate on the Green Paper will 
end on September 30, with nfficiiih 


t han drawing up White Paper rec- 
ommendations for next years elec- 
tions. 

Until recently, there appeared to. 
be strong public support for thein- 
troduction of direct elections among 
Hong Kang’s professional and mid- 
dle classes. Pitched against these in 
sometimes vitriolic debate has been 
the wealthy business community. 

However, latest polls have raised 
questions ova the strength of any 
majority in favour of such reforms. 
Chinese officials, referring to Brit- 
ain’s commitment to “convergence’’ 
as a guiding principle for reform be- 
tween now and 1997, have waged a 
"united front" campaign insisting 
that such radical reforms should 
not be initiated by an outgoing Brit- 
ish colonial government cast in the . 
rule of a caretaker. 


Xn Jaitun, brad of the New China 
News Agency in Hong Kong, and in 
effect China’s ambassador is the 
territory, said he did not want re- 
cent de bates an political ig™ “to 
confrontation among various 
organisations, or the. drifting apart 
of individuals leading to a split in 
Hbhg Kong society’ He said both 
sides should show "mutual trust." 

Hi* comments sat uncomfortably 
with the call yesterday by a visiting 
Labour shadow minister for local 
people to speak out in support of di- 
rect elections in 1S88. 

Mr Brian Gould, Britain's shadow 
Secretary for Trade and Industry, 
said at the end of a week-long virit 
to Hhng Kong at the invitation of 
the- Government, that it would be 
wrong for the local administration. 


to stall pniitiwi reforms until after 
the drafting of- the baric law ‘be- 
cause that would mean not conver- 
gence, but deference’. 

Mr Gould added: "It would simply 
be a question of waiting to see what 
the Chinese wanted, and then fall- 
ing into line. 

“Even as a matter of tactics, there 
is everything to be said at present 
for maximising the itomanHc before 
the basic law is drafted, so that con- 
vergence takes place as far as possi- 
ble on terms which suit toe objec- 
tives of full democracy " he said. 

At the same time he added that 
there were questions over the ex- 
tent to which China was willing to 
accept “fun-scale direct elections" in 
Hong Kong. . 


Hopes subsided yesterday for ah 
early resolution of the High Court 
battle to publish extracts of Mr Pe- 
ter Wright's book, Spy c at c he r, in 
the Sunday Morning Post- Hong 
Kong's leading EngKs KJan ginigg 
Sunday newspaper. 

. Senior newspaper staff revealed 
that a ruling from the territor y^ 
Court of Appeal may not be made 
far several weeks. 

Hopes of local publication of ex- 
tracts were raised last week when a 
High Court judge ove r t ur ned an in- 
junction won by toe British Govern- 
ment against publication. 

A three-day appeal against this 
ruling ended on Friday, but hopes 
of an early resolution subsided 
when the Appeal judges decided to 
provide a written, rather than aver- 
hai judgment. . 


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financial Tiroes Wednesday September 2 1987 


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BY IVO DAWNAY WTO DE JANEIRO 


PRESIDENT JOSE Sarney has 
delivered his 1888 federal bhd- 
set to the Brazilian Congress, 
calculating total expenditure 
for the coining year at 
3.2 trillion cruzados <$6625bn) 
or a nominal increase of 12.7 
per cent on that of the current 
year. 

Many economists immedi- 
ately criticised what they saw 
as an over-optimistic economic 
outlook. For example, the bud- 
got calculates ■ average . prices 
roses of about 60 per cent over 
the 12 months, though there are 
now clear 'signs of 'a! new surge 
of increases. 

- There was also ~ scepticism - 
over a forecast opearting de- 
ficit of Cz266biH-1.27 per cent 
of a Cz21 trillion gross dom- 
estic product This would leave 
a margin of just 0.73 percent- 
age points of GDP to accom- 
modate additional spending by 
state and municipal Govern- 
ments. 

The federal government has 
told international creditors .that - 
it wfll confine its public deficit ‘ 
to 2 per cent of GDP in 1988, 
but heavily Indebted state and 
municipal authorities are al- 
ready pushing for extra federal 
funds to meet their commit- 
ments. 

After the calculations, the 


Government has estimated a 
real increase : of' 275 per cent 
in fiscal receipts, which are ex- 
pected to reach Cz2J5 trillion. 
The remaining CzlJSS trillion 
are to come from credit oper- 
ations. - 

About Cz 995bn must be 
raised -in domestic issues of 
public debt, with -the remaining 

To concentrate 
attention more ; 
closely on the 
heed to restrain 
public expenditure, 
the budget is 
combined in a 
single document 

Cz 88bn to come from external 
loans from such institutions as 
the World Bank and the Inter- 
American Development Bank. 

The budget estimates a trade 
surplus of $10bn for the year. 
On current .trends, this looks 
easily attainable. Economists 
now. believe that the recovery 
in Brazil’s commercial perform- 
ance will -'allow it to exceed the 
f&Sbh - surplus sought for the 
end of 1987. 


In an effort to concentrate 
attention more closely on the 
need to restrain public expendi- 
ture, for the first time the 
budget has combined in a single 
document projected fiscal 
receipts with the Government's 
proposal on issuing debt. 

"The gre»t novelty — ■ the 
dream of the financiers, of 
society and of Congress— is that 
everything is included in the 
budget,” Mr Anibal Teixeira, 
Planning Minister, said. “I think 
that the principal area for 
struggle will be the public 
deficit. 11 

Among specific projects the 
budget foresees a 9 per cent 
real increase in spending on 
social programmes, but sceptics 
point out that a 50 per cent 
increase in these sectors, 
promised last year, failed to 
materialise. 

The proposals also include, a 
Cz 8bn provision to finance the 
starto of the highly con- 
troversial 1,6004cm railway to 
link the central region with the 
north. This scheme — a personal 
priority for Mr Sarney — has 
been attacked by critics as an 
ill-planned waste of precious 
resources. 

The budget now goes to Con- 
gress, which may only approve 
it or throw it out 


Haitian receives 
Argentine 
political asylum 

• By Our Bonn Aires 
Correspondent - 

A HAITIAN opposition leader, 
Mr Bernard Sansaricq, has been 
granted exile _ in Argentina, 
having sought refuge in the 
Argentine . embassy m Port-au- 
Prince on Friday. 

He is a leader of the Haitian 
National Popular Party and an 
opponent of the .farmer DuvaHer 
regime in Haiti. He has opposed 
the present government headed 
by General Henry Namphy, . 

Mr Sansaricq has been call- 
ing for a constitutional reform 
ami free elections in Haiti, and 
has denied government charges 
that be waa responsible for an 
armed attack 1 on a judge mad a 
group of soldiers at the: begin- 
ning of last month. - 
The Argentine : foreign minis- 
try confirmed yesterday that Mr 
Sansaricq has been granted 
exile.' He is .now awaiting safe 
conduct to enab le him to leave 
Haiti. •’ -- -. 


Peruvian banks to be kept 
out of local business 


BY BARBARA DURR IN LIMA 

PRESIDENT. Alan Garcia of 
item, said yesterday that for- 
eign bank branches would not 
be .expropriated, but they are 
r to be prohibited from accepting 
local deposits or making local 
ioans. 

This confirmed speculation 
among foreign bankers in Lima 
{Eat, under the president's pro- 
posal for nationalisation in the 
financial sector, they would be 
reduced from branch operations 
to representative offices. 

Mr. Garcia said that foreign 
bank branches would only be 
allowed to attend to inter- 
national, trade. confirming let- 
ters of credit 

The five foreign bank 
brandies operating in Peru are 
those of Bank of- Tokyo, Bank 
of London and 'Sooth America, 
Bank of America, Citibank and 


Banco Central de Madrid. Chase 
Manhattan agreed recently hi 
sell Its operation to a private 
Peruvian bank. 

The foreign brandies have 
been reducing their deposits 
since Mr Garcia came to office 
two years ago and -die banking 
climate was perceived to have 
deteriorated. In 1985 and 1986, 
the six branches reduced their 
total deposits in local and for- 
eign currency by an average of 
37 per cent They now hold only 
a 2 per cent share in the Peru- 
vian banking market 

According to one foreign 
banking expert the brandies 
no longer wanted to extend the 
hard currency loans to the 
legally required extent 

The Peruvian senate con- 
tinues th is week with its debate 
of the bank nationalisation bill. 
Rapid approval appears likely. 


Dole in 
dash with 
Ortega over 
Contras 

By Lionel Barber in Washington 

SENATOR ROBERT DOLE, the 
US Senate Republican leader 
and a seeker of his party's 
nomination for the presidency, 
yesterday became embroiled in 
a near shouting match with 
President Daniel Ortega of 
Nicaragua. 

Mr Dole, on a fact-finding 
tour in Central America with 
three other Republican sena- 
tors, met Mr Ortega in Mana- 
gua, in front of foreign and 
local reporters instead of in a 
planned private meeting. 

The raw began when the 
president, noting that Mr Dole 
had just come from neighbour- 
ing Honduras, asked “ How are 
the Contras doing? " Before the 
senator could reply, he added: 
“They are still killing child- 
ren." 

Mr Dole, visibly annoyed, 
blurted out: “This is a propa- 
ganda rally. We’re not going 
to participate In it.” 

However, the senator, a 
strong supporter of the Nicara- 
guan Contra rebels, stayed for 
almost one hour, sparring with 
Mr Ortega. After the meeting, 
he said: “We’re disappointed. 
We were props in his press con- 
ference.” 

During the tour, Mr Dole has 
met privately the architect of 
the Central American peace 
plan. President Oscar Arias of 
Costa Rica, and President Jose 
Azcona of Honduras. It is his 
first foreign trip since August 
1985. 

Mr Dole’s campaign mana- 
gers have been anxious to re- 
verse his image of a Washing- 
ton deal-maker with little 
experience of foreign policy. 

However, the showdown with 
Mr Ortega will not harm Mr 
Dole in the eyes of conserva- 
tive activists 


Indicators np 
0.5% in US 

THE INDEX of leading US eco- 
nomic indicators rose a moder- 
ate 0.5 per cent in July, the 
Commerce Department reported 
yesterday, Reuter writes from 
Washington. 

This was the sixth successive 
month of increase in the key 
index, which suggests continued 
economic growth in line with 
analysts' expectations, though 
still at a sluggish pace. A key 
factor behind the July improve- 
ment was a recent jump in stock 
prices on Wall Street; the de- 
partment said. 


Statistical work-in embarrasses Argentina 


.A further strike, which 
could jeopardise the govern- 
ment’s chances in the mid- 
term elections has hit the 
Argentine public sector, 
reports Our Buenos Aires 
Correspondent. 

Employees at the National 
Statistics and Censuses Insti- 
tute decided yesterday to join 
train drivers, signalmen and 


bank clerks In industrial 
action In pursuit of pay 
claims against the govern- 
ment However. Instead of 
carrying out shift stoppages 
to disrupt services, they have 
embarked on an extra- 
ordinary form of protest by 
working extra hours. 

Their threat is to publish 
the August inflation figures 


before the elections. 

The Institute usually pro- 
duces the monthly Inflation 
figures one to two weeks 
after the start of the next 
month. By working unpaid 
overtime, however, the em- 
ployees hope to publish the 
August figures by the end of 
this week. 


The go v e rnment was dearly 
hoping that the figures, 
which are expected to repre- 
sent the worst monthly rise 
since the introduction of the 
anti-inflation Austral Flan in 
June 1985, would be faehl 
hack nntfl after the elec- 
tions. 

In July, the retail price 
index rose by 10.1 per cent. 


Alfonsin faces biggest electoral test 


BY TIM COONE IN BUENOS AIRES 


LAST MONTH the New York 
Philharmonic Orchestra, spon- 
sored by Argentina’s second- 
biggest foreign creditor bank, 
Citicorpi played to a crowd of 
100,000 from a stage erected in 
the broadest avenue of Buenos 
Aires. 

A dozen blocks away, mem- 
bers of tbe National Symphonic 
Orchestra frequently play their 
instruments outside the presi- 
dential palace in a novel protest 
which attracts a small but faith- 
ful gathering of supporters. 

The reason, they say, is that 
the government has no funds 
adequately to support Argen- 
tina’s own orchestra: fiscal 
deficit reductions agreed to 
with the International Monetary 
Fund, and the need to finance 
debt service payments from the 
budget have made cellists a low 
priority in government spending 
plans. 

The cellist lobby is as it 
happens the least of the govern- 
ment’s worries where on 
Sunday, 19.5m people go to tbe 
.polling booths, the third time 
since 1983 when President Raul 
Alfonsin came to power 
following almost eight years of 
military rule. 

At stake are the governor- 
ships of 20 of the country's 23 
provinces cZ Argentina, 127 of 
the 254 seats for deputies in 
the national Congress, 914 seats 
in provincial legislatures and 
10,299 posts for mayors and 
councillors at municipal level. 

The key contest, however, is 
for the governorship of Buenos 
Aires province, the principal 
economic and population centre 
of the country outside of the 
federal capital of Buenos Aires 
city itself. It is generally held 
that this governorship is the 
soringboard to the presidency, 
the next contest for which 
occurs in 1989. 

These elections are the most 
critical test of almost four years 
of President Raul Alfonsin’s 
Government They come at a 
moment when hyper-inflation is 
again on the horizon and labour 
unrest, especially in the public 
sector, is causing serious con- 
cern. 

They also take place against 
a background of continuing un- 


rest in the arme dforoes which 
was only temporarily resolved 
following the Easter weekend 
uprising. This month the re- 
maining human rights trials 
will resume of about 50 senior 
ranking officers that have not 
been absolved under the M due 
obedience ” law pas Bed last 
June. 

More than 100 parties are 
participating in the elections, 
many of them relatively insig- 
nificant ‘ groupings seriously 
contesting seats only at muni- 
cipal or provincial level. 

At national level the two 
main contestors are the ruling 
Radical Party which is tradi- 
tionally a party of the urban 
middle class and rural voters, 
an dthe Peronist Party which 
relies heavily on working class 
support. Between them they 
can be expected to take more 
than 70 per cent of the vote. 

It is on the economy that the 
Peronists have chosen to focus 
their attack, as indeed have 
practically all the opposition 
parties. 

An analysis published this 
week by Kiel, a respected 
economic research foundation, 
estimates that real incomes in 
indsu trial occupations have 
fallen by 20 per cent since the 
Radicals came to power in 1983. 
State sector employees have 
fared even worse. 

The recent surge in inflation 
has further fuelled wage 
demands, while in an attempt 
to keep the suitation under 
control, the economy ministry 
has refused trade union appeals 
to indexlink wages to the infla- 
tion rate creatingf greater 
pressure wi thin the trade union 
movement for industrial action. 

Tbe most recent opinion polls 
make tbe "don't knows” the 
most potent poetical force with 
between 30 and 40 per cent of 
the electorate. 

The principal factor in favour 
of the ruling Radicals is the dis- 
array in the ranks of the 
Peronists. Tbe inclusion of a 
Peronist trade union leader in 
the government last April as 
labour minister has divided the 
Peronist party, which has tradi- 
tionally been the party of the 
labour movement 


The loss of the Buenos Aires 
province and the slim majority 
the Radicals hold in the 
Chamber of Deputies are both 
real possibilities on Sunday. 
President Alfonsin would then 
have a minority government. 

The government's post-elec- 
tion priority is to push through 
a constitutional reform creating 



President Raul Alfonsin 
speaks of “ social pact.” 

a stronger parliamentary system 
of government in which a prime 
minister chosen from the 
majority party in congress 
would take on most of the 
executive functions now carried 
out by the president 

President Alfonsin says: “I 
am convinced that such a 
change would put an end for 
ever to the possibility of a coup 
d'etat” His reasoning is that 
if a government falls, the presi- 
dent as head of state can call 
for the formation of a new 
government and thereby assure 
the continuity of the democratic 
system, without the various 
political groupings turning to 
the armed forces as they nave 
done in the past to resolve a 
political crisis. The Italian 
system would be the closest 
modeL 

In recent weeks government 
leaders have spoken much of 
the possibility of a coalition 
government. President Alfonsin 
said that a “social pact” is 


“essential" after the elections 
and tbe constitutional reform 
“ has to facilitate, promote per- 
haps, the presence of men of 
different parties in the govern- 
ment” 

lg?? e taolu shr uMcmfypw sh 

The Peronists’ candidate for 
the Buenos Aires governorship 
and leader of the main faction 
within the party, Mr Antonio 
Cafiero (also a former economy 
minister in the 1970s), said 
earlier this month tha t he 
would consider a coalition gov- 
ernment after tbe elections “on 
the basis of a common pro- 
gramme.” 

Mr Guido di Telia, a leading 
Peronist economist and candi- 
date for Congress said such a 
government would be accept- 
able only if there was “a 
change in the conditions of pay- 
ment of the foreign debt and 
a substantial reduction in 
domestic interest rates.” 

That such a concession is 
being considered by the gov- 
ernment was admitted by a 
senior member of the economic 
team. 

Even without victory by Mr 
Cafiero, numerous government 
leaders have recently hinted at 
the need for a change in focus 
on the foreign debt issue. Just 
a month after the signing of a 
new memorandum of under- 
standing with the IMF, it seems 
that the surge in inflation is 
already throwing .the govern- 
ment’s macroeconomic targets 
off-course. 

Dr Jose Luis Machines, tbe 
president of the central bank, 
insists that Argentina is not 
looking for confrontation with 
the banks, and that any new 
terms will be negotiated with 
the banks rather than imposed 
unilaterally. However, definite 
notes of change are being heard 
and tbe term “a negotiated 
moratorium” has recently crept 
into the vocabulary of economy 
ministry officials. 

Symphonies aside, the first 
public overtures of any shift 
in strategy can be expected 
shortly after Sunday and its 
extent will be largely condi- 
tioned by the results of the 
elections. 


O-VPVT-t.-svrt . E.-S-: 






WeRLD TRADE NEWS 


* 


William Dawkins on prospects of a trade war with Japan over anti-dumping measure 

Brussels tightens up on the ‘screwdrivers’ 


THE PROSPECT of a trade war 
between the EC and Japan 
cyme closer yesterday when 
Brussels fired, the first’. shot 
from a new and fearsome Com- 
munity trade weapon. • 

It is a ; tough new law, agreed 
by member-states just, more 
than two months ago, " which 
allows- the European Commis- 
sion to slap antidumping duties 
on unfairly • ■ underpriced 
foreign products made inside 
the EG, rather than being 
dumped as. assembled imports. 

It is designed to; stop foreign 
manufacturers from avoiding 
anti-dumping levies by setting 
up EC assembly plants supplied 
with dumped parts, so-called 
“ screwdriver ” operations^ ' It 
is also one of the toughest 
anti-dumping laws in the world 
— and until yesterday had 
never been used. . 

Those immediately in the 
firing line are the six top Japa- 
nese makers of electronic type- 
writers and one producer of 

electronic weighing scales 
whose EC activities, mainly in 
Britain, are to be i nvestigated 
for evidence of dumping. 


ever, the flak will fly much 
further than that. 

- Japan’s' powerful Keidanreo 
federation of -business organis- 
ations warned earlier this year 
that this extension of anti- 
dumping rules could bring 
harsh, cuts in Japanese direct 
investment in the EG, estimated 
at $2bn worth of plant employ- 
ing^, 000 people. 

■ The move yesterday Invites 
the question of whether the 
Keidanren will- now carry out 
its threat Britain has most to 
lose from the present case be- 
cause, five of the seven plants 
involved are based there. In- 
deed, it has been criticised by 
its EC partners tor being too 
open to Japanese Investment of 
this type at the expense of com- 
peting co mmuni ty industries. 

Portugal, Ireland and Greece 
also have general qualms about 
allowing trade, tensions to jeo- 
pardise. jobs created by Japan- 
ese investment. 

However, the industrial 
lobbyists . which put pressure on 
the commission to adopt the 
regulation* behind the move 
yesterday argue that this is a 
fair ride against the threat - 


posed to the EC’s industrial 
health by dumping. It has 
become too easy tor . Japanese 
producers to circumvent anti- 
dumping duties, they argue. 

One company in the inquiry 
is even understood to have 
avoided tbe need to set up & 


include photocopiers, mechani- 
cal excavators and electric 
motors, products already sub- 
ject to anti-dumping levies as 
assembled imports and where 
Japanese manufacturers have 
been busy building up EC 
investment recently. 


In the firing line are six Japanese 
electronic typewriter manufacturers 
and one of electronic weighing scales. 
However, the flak will fly much further. 


“ screwdriver ” plant entirely' 
by subcontracting basic type- 
writer assembly to small com- 
panies — none of which had any 
experience of making type- 
writers — dotted around ' its 
British warehouse. 

If tills latest attack against 
predatory pricing comes off— 
and most conventional dumping 
inquiries either lead to the 
imposition of price undertak- 
ings or to duties — it could be 
the first in a wave of attacks on 
low-cost assembly plants. 

Other possible candidates 


This investigation will he 
faster than normal because far 
fewer facts have to be estab- 
lished than in a normal anti- 
dumping inquiry. Commission 
officials working on the case 
expect duties to be imposed 
within three months, roughly 
three times as fast as the 
present rate for conventional 
dumping procedures. 

The criteria are straight- 
forward. Penalties only apply 
to products already subject to 
definitive anti-dumping levies 
as fully-assembled imports. 


imposed in this case on 
Japanese typewriters in 1985 
and weighting scales last year. 
They must be made in the EC 
by companies related to the 
original Japanese exporter and 
community production must 
have started or been substan- 
tially stepped up since the 
initial case opened. 

The last key condition is that 
at least 60 per cent of the parts 
must come from the country 
doing the dumping, with the 
balance coming from any other 
source. 

Tbe most difficult part — fixing 
a figure for the anti-dumping 
duty— has already been done, 
for the regulation sets the 
penalty at the same level as 
that applicable to tbe imported 
product However, anti-dumping 
duties tor EC assembled goods 
only apply to tbe value of the 
materials Imported from the 
country at the source of the 
dispute, rather than to the value 
of the product as a whole. 

Whatever the size of the 
financial penalty, few in Brus- 
sels yesterday doubted that the 
diplomatic costs could be enor- 
mous. 


US-Canada tension over cars 


BY PETER MONTAGNON, WORLD TRADE EDITOR 




xl 


SERIOUS- TENSIONS in IJS- 
Canadian trade relations, are 

likely ‘ to ' emerge within the 
next tow years as a result of 
Canadian^ incentives to Asian 
car companies to establish local 
production facilities. 

These could act as a bea ch- 
head tor : exports to the US 

This warning ia contained in 
a new study of US end Canadian 
car mannfactaring policies* 
commissioned by the Canadian- 
American Committee, a think- 
tank sponsored by toe presti- 
gious' G. .Howe Institute of 
Toronto and toe US National 
Wanning Association. 

- Its- ^sutiiiMv- Professor Paul 
Woxmacott of the University of 
Maryland, concludes, that the 
remission . of import duty to 
Asian companies .producing In 
Canada cotOd -create a major 
difficulty in JZSGanadfan rela- 
tions by the early 1990s. ft calls 
into question the so-called Auto-' 
Pact -that- has governed - trade 
to automotive products, between 
die two countries More 1965. 

ts.not_too‘ strong 4o. call. 

. it a .lime. bomb,” he'saya. - 

The ‘heart of the problem is 
the -Canadian- pratciee san- 
tioned uniter .the Auto-pact, of ; 


remitting duties, on. vehicle im- 
ports as a reward to exporters 
of Canadian-made parts to the 
US and ' elsewhere. This can 
constitute an indirect subsidy 
qn the export of Japanese cars 
via 1 Canada to the US. 

Professor Wonnacott argues 
that toe lead being .taken by 
Canada in attracting Asian 
.manufacturers to, invest there 
is likely to bring this problem 
to a head. . 

Current projections indicate 
that by 1990 Asian car' com- 
panies will have an annual pro- 
duction capacity of 450,000 
units in compared with 

about L7m in the US. The 
smaller Canadian economy will 
thus have a much larger share 
of production than of sales 
forcing it to become a signifi- 
cant exporter of Japanese and 
South Korean, vehicles to the 
US, he says- 

US manufacturers are Hkeiy 
to 'complain as these exports 
grow, creating pressure tor toe 
application of countervailing 
duties. Such pressure, the study 
maintains, would prove success- 
ful because “it is hard to see 
ambiguities in toe duJy-demis- 
sion programme; it falls within 


a reasonable definition of export 
subsidy.” 

“It will be difficult to solve 
toe (duty) remission problem,” 
he concludes. “The Canadian 
government cannot easily 
eliminate the remissions, since 
they have already been 
promised to foreign firms and, 
at any rate, the Canadian 
government intensely dislikes 
to be seen as backing down in 
the face of US pressure.” 

Canadian car industry execu- 
tives remain uncertain as to 
how the Auto-Fact will be 
treated in toe current US/ 
Canada free trade talks, which 
are due to be concluded at the 
end of the. month. 

One solution, suggests Pro- 
fessor Wonnacott, would be to 
eliminate the duty rebates as 
part of toe overall free trade 
package. “Canada can more 
gracefully give up its ticking 
time bomb when there are other 
items in the agreement that it 
wants.” 

* US and Canadian Avto 
Policies in a Changing World 
Environment. Paid Wonnacott 
Ctmadian-American Committee, 
•1616 P Street NW. Suit 400, 
Washington DC 20006. Price 
VS$6.00. 


US considers tough 
line on Kansai contracts 


By Our WorW Trade EdStor 

THE REAGAN Administration 
is to review its policy towards 
Japan's proposed ¥7bn Kansai 
International airport to deter- 
mine whether it should make 
more aggressive use of trade 
laws to help secure orders for 
the US construction firms and 
consultants. 

The review raises the possi- 
bility that the US may even- 
tually impose trade sanctions 
against Japan if the White 
House determines that US com- 
panies are being unfairly bar- 
red from competing for busi- 
ness connected with toe airport 

A Commerce Department 
spokesman said yesterday that 
there was no immediate threat 
of sanctions. At this stage toe 
various government agencies 
concerned were just beginning 
toe review, expected to take 
about a month, to determine 
whether the Administration 
should drop its present “ export 
promotional " policy in favour 
of a more aggressive stance. 

Lobying by government offi- 
cials on behalf of US companies 
bad so far produced only “mini- 
mal” results, she said. Though 


some concessions were offered 
during a visit to Japan last 
month by Mr Bruce Smart, 
Under-Secretary of Commerce, 
“ we don’t know whether its 
going to be soon enough and 
enough” to produce concrete 
results. 

The Kansai Airport project, 
which involves the development 
of a new airport on reclaimed 
land in Osaka Bay, has been a 
bone of contention between toe 
two countries for about a year, 
with Japanese officials arguing 
that foreign companies lack toe 
expertise for the complex 
reclamation work involved 

But toe more aggressive 
stance under consideration in 
Washington could involve the 
issue being forced by an action 
under Section 301 of the US 
trade law. Such an action could 
take up to a year to pass 
through its various stages but it 
would ultimately permit toe US 
to impose retaliate against 
Japanese construction com- 
panies if US firms were being 
unfairly barred from winning 
business in Japan. 


Amadeus 


expands 

booking 

network 

By Kevin Done in Stockholm 

AIR INTER of France, 
Europe's largest domestic air- 
line, is to join tbe Amadeus 
computerised reservations 
and distribution system 
launched earlier tills year by 
Air France, Iberia, L u fthansa, 
ami sas Scandinavian. Air- 
lines System. 

Leading European airlines 
are locked in an Intense battle 
to dominate the air transport 
industry’s computerised re- 
servations market. 

Only weeks after the launch 
of tbe Amadeus system in 
June four other airlines, 
British Airways, KLM Royal 
Dutch Airlines, Swissair and 
United Airlines of the US, 
announced plans to start their 
rival Galileo system. 

They have since been 
joined by British Caledonia, 
Alitalia of Italy and Austrian 
Airlines. 

The Amadeus group is co- 
operating with tbe Texas Air 
group of the US, which in- 
cludes Continental Airlines 
and Eastern Airlines and 
signed an agreement In July 
to use software and t echn i c al 
support from Texas Air’s Sys- 
tem One booking unit. 

The Amadeus group are 
planning to Invest a total of 
5300m in software and IBM 
hardware for the new system, 
which is due to start opera- 
tions In m id-1989. 

Mr Curt Ekstroem, Amadeus 
managing director, claimed 
yesterday that the addition 
of Air Inter, which last year 
handled 12m passengers in 
France, established the 
Amadeus system as “ the 
major travel distribution sysr 
tem in the European market” 
It riafaia to have already 
secured links over 15,000 
travel agencies In Europe, 
the Americas and Africa. 

The rival groups are aim- 
ing to offer travel agents, air- 
lines and other users inte- 
grated reservations and 
accounting systems, enhanced 
management information, and 
access to comprehensive 
travel services such as hotel 
bookings, car hire and rail 
travel. 


Thomson/Daewoo 
in France-Korea 
components deal 


BT PAUL BEITS IN PARS 

THOMSON CSF, the French 
state-controlled defence and 
electronics group, has signed 
an agreement with Daewoo, the 
South Korean industrial con- 
glomerate, to form a joint 
venture company in South 
Korea to manufacture elec- 
tronic components. 

The joint venture, the first 
by tbe French group in South 
Korea, is part of Thomson’s 
efforts to expand its market 
penetration for its passive com- 
ponents business tn the Fax 
East. 

The deal involves Thomson’s 
LCC passive components sub- 
sidiary and ISU Chemical, a 
subsidiary of Daewoo special- 
ised in chemicals and petro- 
chemicals. The new joint 
venture company, called ISU 
Ceramics, will be 51 per cent 
owned by the Korean group 
and 49 per cent owned ter 
Thomson. 

Mr Roger Agniel, the chief 
executive of LCC, explained 
that toe first phase of the joint 
venture win be to construct a 
plant to produce 6,000 tonnes 
of soft ferrite components for 
the consumer electronic 
market 

The investment will involve 
about 933m and the new joint 
venture company will have a 
capital of 512m. 

Mr Agniel explained that if 
the ferrite venture proves 
successful, the two partners 
envisage expanding their 
co-operation in other passive 


component sectors in Korea. At 
the same time LCC has a num- 
ber of other Far East deals in 
the pipeline to boost its 
presence on toe Far East 
market 

With plants in France and 
Brazil, LCC currently employs 
3,000 people a nd ha« annual 
sales of about FFr lbn. After 
losing money for several years, 
the, Thomson subsidiary after 
major restructuring returned 
in the black in 1984. Since then 
its annual profits have averaged 
4-6 per cent of sales. 

Although Thomson has now 
merged its consumer semicon- 
ductor business with SGS of 
Italy, it has kept full control 
of LCC, and of its military and 
professional components busi- 
nesses. 

Mr Agniel said that Thom- 
son had been negotiating its 
venture deal with Daewoo for 
toe past two years. He added 
that the French group saw a 
major opportunity for passive 
components in the Korean mar- 
ket; which, unlike the Japan 
market, is not dominated by 
local manufacturers. Korea’s 
ambitions in tbe consumer elec- 
tronics field are expected to 
offer major opportunities for 
passive component suppliers. 

The new ferrite plant is due 
to come on stream in 1989. LCC 
will supply toe technical man- 
agement, manufacturing process 
and know-how for the sew 
Korean company. 


Japanese keep anxious 
eye on camera suit 


BY YOKO SHIBATA IN TOKYO 

JAPANESE CAMERA makers 
are watching doseSy -the pro- 
gress of a patent infringement 
suit filed by Honeywell, toe US 
electronics group, against 
Minolta Camera of Japan. 

Honeywell, which filed the 
suit in a Mineapolis district 
court, claimed that Minolta 
used Honeywell technology in 
its Alpha single-lens reflex, 
automatic-focus cameras which 
have proved highly popular. 

Industry sources in Japan 
said Minolta's Alpha had bees 
singled out because of its huge 


Kyocera, which has a cross- 
licence agreement with Minolta 
including auto-focus modules, is 
viewing toe suit with grave con- 
cern, but Canon said its tech- 
nology was safe because its pro- 
ducts were developed after 
detailed investigation of exist- 
ing patents. 

Olympus Optical and Asairi 
Optical (maker of Pentax 
cameras) which use Honeywell 
automatic focus devices in their 
products, and Nikon which em- 
ploys a different technology in 
its cameras do not foresee any 
problems. 



STOCKBROKING 


The investment management 
arm of an established stock- 
broker requires a senior fund 
manager with around 5 years* 
experience to assume respon- 
sibility or UK equity portfolios. 


We are acting for 3 top UK 
stockbrokers, who are seek- 
ing graduates with 2 years' 
experience in company 
analysis. Areas of specialis- 
ation required are Small 
Companies. Building, Phar- 
maceuticals and Engineering. 


EUROPEAN ANALYST 

Major UK house with a 
successful European sales 
and research team seeks a 
fluent Spanish or Italian 
speaker with stockbroking 
experience. 


EQUITY SALES 

At least 2 years' experience 
in general or specialist sales 
Is essential. The successful 
candidate will Join an expand- 
ing institutional sales team. 
Very attractive remunera- 
tion package. 


Contact Dr Elspeth Davidson 
. in strictest confidence 

01-439 1701 


PA TO CHAIRMAN 


The Chairman of an international construction and property 
group based in East London seeks a young, dynamic personal 
assistant to assume certain key roles within the group. The right 
person will assist in streamlining and improving current 
worldwide reporting systems, communicate with the group's 
lawyers, bankers and other advisors and generally assist the 
chairman in all the activities of the group. 

An accounting background is essential but commercial banking 
or legal experience would be a useful asset in this excellent 
career position. 

An attractive remuneration package will be offered to the 
successful candidate. 

To apply please write with full career details to: 

HARRIS LIPMAN 
HANOVER HOUSE 
73-74 HIGH HOLBORN 
LONDON WC1V 6LS 


TRAINEE FINANCIAL ADVISER 

Top London financial services group requires, for immediate start, 23-30 year 
old individuals to join a progressive team. Substantial remuneration available 
In return for a positive, professional approach. No experience necessary as full 
training given. 

Call the Recruitment Officer oa 
01-4 


FUND MANAGER 

INTERNATIONAL EQUITIES AND BONDS 

An excellent opportunity for a Fund Managerto participate in a 
dynamic London Branch of an internationally recognised Swiss 
Bank. 

The applicant, aged between 25 * 30, should have experience of 
the major overseas investment markets as an analyst or 
investment manager. A member of the Society of Investment 
Analysts preferred. 


Analysts preferred. 

The remuneration package includes mortgage subsidy and 
non-contributory pension scheme. 

Please write with a detailed curriculum vitae to Mr. R. Wiser, 
Bank Julius Baer & Co. Ltd. Bevis Marks House, Bevis Marks, 
London EC3A 7NE. 

JB^B 

BANK JULIUS BAER 

ZURICH • LONDON • NEW YORK 


Corporate Finance/ 
Venture Capital 


We are a weB-estabichcd firm of Commercial Finance Brokers, To continue with our 
successful expansion programme we are now looking for a highly motivated anti ambitious 
professional— preferably Chartered Accountant or Stockbroker— who will bead ami 
develop our Corporate Finance Division. The successful applicant will be aWe to develop 
his professional career within a successfully and rapidly growing organisation. 

Please ( yn tt Hf 

Mr H. Ejddbaum, Joint Managing Director 
A. S. CONSULTANTS (Brokets) LIMITED 
24 Red Lion Street. London WC1R 4SA 


FUTURES/OFITONS 
ACCOUNT EXECUTIVES 

We are one ofthe leading c ommissio n houses on LEFFE 
and are keen to expand our institutional and private client 
base. We are seeking account executives who nave a proven 
track record and well established client list. We offer a very 
lucrative incentive package to the right persons. AU 
responses will be treated in strict confidence. 

Please apply with full personal and business experience to: 
Box A0645. Financial Times 
10 Cannon Street, London EC4P 4BY • • 


EQUITIES 

ANALYSIS & SALES 


Our dtents require experienced 

— Equity Salespeople 

— Investment Analysts 

— Support Staff 

’• Telephone 
DR. ELSPETH DAVIDSON 


01-439 1701 


0 Financial Times Wednesday September 2 1987 


Assistant 
Fund Manager 

Not less than £40,000 pa plus benefits 



It' 


approaching siuum unaer managemeuu n. wgmu-uv™ — o c 

the business is provided by high net worth overseas and expatriate clients. The 
company is seeking an Assistant Fund Manager to assume responsibility tor 
the management ofthese offshore funds, reporting to a Board member. 
P- a n^ d***^ must be able to demonstrate a record of successful investment 


our Clients exceptionally eriecuve researt-u 

directly related experience gained in fund management or stockbroking. 

The salary will be negotiated to secure the best candidate and benefits will 
include a cai; BUPA and a non-contributory pension. Please forward a 
full CV with salary details quoting reference LM936, to Terry Fuller, 
Spicer and Pegler Associates, Executive Selection, Fnary Court, 
65 Crutched Friars, London EC3N 2NP. 



Spicer and Bsgler Associates 

Executive Selection 


Rentals 


CHESTERTONS 

' I * \J K ll E \ l » ^ l ^ 



LITTLE VENICE OFFICE U-ZBb *632 
CAMCM GATE, SW 1 


KNKH1SBR1D6E OFFICE 01-989 2133 • 

Audi Bin) 1 nWwtoiiwaim Tii’ if to 


H THE LARGEST RESIDENTIAL LI T LINUS AUJN1 IN’ LONDON H 


KENWOODS 
RENTAL 


OUAUTY FURNISHED 
FLATS AND HOUiES 
Short ami Long Lets 
23 Spring St, London W2 11 A 
Tel: 01-402 2271 TdU: 2SZ71 
Fhx: (01) 262 3750 



International Appointments 


go b.s.f.e. . 

Sp Banque de la Societe Financifcre Europeenne 

One of the major international merchant banks with offices in Parts, Londcfa 
and New York is looking for several 

Corporate Finance 
Specialists 

They will be responsible for structuring complex financial transactions in collaboration 
-with the top management of BSFE’s corporate dents. 

Applicants, preferably aged between 27 and 35. will meet the following requirements : 
. MBA degree or equivalent with concentration in finance 
• Several years experience in a similar function 

- Fluency in English and at least another major European language. Working knowledge 
of French a plus. 

Positions are available in Paris. Opportunities to work in London also exist 
Remuneration package is attractive, motivating and commensurate with experience. 

Applications with detailed curriculum vitae and salary to da te will be treated hi die 
strictest confidence and should be sent to : Mr. J. LHOPTIEAU - Personnel Manager 
B.SPJE. - Banque de la Soctete Financiers Europ£erme - 20 rue de la Paix - 75002 Paris, 
France 



to young international bankers. 

They will be responsible for analysing projects on a technical and financial baas, will be 
involved in structuring financings and In the preparation of their documentation. 
Additionally, they will actively contribute to the Department’s marketing activities and 
assume efient relationships. 

Applicants, preferably aged between 27 and 35, will meet the following requirements : 
MBA degree or equivalent. A second degree in engineering or MSc would be an asset 

- Approx im ately 3*6 years international banking experience preferably In oneor moreof the 
faiJowfng sectors : oil & gas, mitring, alternative energy, project finance, LBO/MBO. 

- Fluency in English. Working knowledge of French a plus. 

Positions are available In Paris. Opp or t un ities to work in London also exist. 
Ranuneration package is attractive, motivating and commensurate with experience. 
Applications with detailed curriculum vitae and salary to date will be treated in the 
strictest confidence and should be sent to : Mr J. Lhopiteau - Personnel Manager 
B&FJL - Banque de la SocMtft Ftaahcfere Euraptam - 20 rue de la ftix - 75002 Paris, 
France 


HENRY & JAMES 
CONTACT US NOW ON 
01*235 8862 

For tiie best selection of 
Furnished Flats and Houses 
to (tent In Knightsbridge, 
Belgravia and Chelsea 


Cardafe 


MARLBOROUGH PLACE, 
NW8 

Set In a Spectacular new 
development with an hnprotive 
courtyard. Ent hall, recep rnv 
latch. 2 dble bedroom;, 2 baths. 
Rent includes garage, nfts, pan 
and entry phone. 

Rent £460 


01-629 6604 


COMPANY LETS 

Newly refurbished 1 bedroom 
flats, Hyde Park Gale (with 
garage) and Knightsbridge. 
Telephone 0742 701002 iff 
24741 office; 0742 891168 
evenings. 


Overseas Property 


:S3.vk ;■ 
S'itwy*-., 
T* W-: 
tat-. ?i- 


r 


ATTRACTIVE 

REMUNERATION 

PACKAGE 

(INCLUDING BENEFITS) 

An exciting opportunity has arisen for an 
experienced Fund Administrator (m/f) to join 
a new venture in Luxembourg. Our client is an 
established force in the International Financial 
Services industry and, as part of an expansion 
programme, is setting up a fund administration 

service in Luxembourg. The individual is 
required to take charge of the administration, 
recruit a team and implement new systems, for 
which computer software is available. 

The requirement is for a Financial Services 
professional, aged 30/40 who can demonstrate: 
- experience in a Fund Management group 
of similar financial institution 

- familiarity with computerised systems 

- the imagination and drive to implement 
control systems for this new venture 

- ability to work as part of a team 
- fluency in French is required. 

Remuneration will not be an obstacle to 
suitably qualified applicants. 

Please send your curriculum vitae, 
quoting reference 4277, to 


FIDUCIAIRE GENERALE DE LUXEMBOURG 
MEMBRE OF TOUCHE ROSS 
Experts-comptables, Rdviseurs d’entreprises 
21, rue Glesenex B. P.1173 1011 Luxembourg 


MAJOR BANK IN TURKEY 


CHIEF FINANCIAL OFFICER 

As a renowned and established bank in Turkey, our client has 
experienced rapid growth. To strengthen their existing 
management structure, they require a Chief financial Officer who 
will report directly to the Chief Executive Officer of the Bank. 

He will be responsible for tin bankwide management and control 
of atl accounting activities including establishment and 
compliance with accounting and regulatory policy, standards and 
practice as well as direction over coordination and preparation of 
financial and tax planning reports and the timely reporting 
thereon to senior management 

Candidates should be qualified accountants (CPA or equivalent or 
hesap uzmaro) fluent in English and Turkish and have extensive 
experience in bank managament While age is not a limiting 
factor, it Is unlikely that anyone under the age of 35 will have the 
appropriate experience for this position. 

Salary will not be e limiting factor for the right candidate and the 
package will include all the usual banking benefits. 

Applications including a full curriculum vitae, win be treated in 
the strictest confidence and should tie sent to: 

Michael Birch 
Partner 

Price Waterhouse A.§. (REF: 130) 

Mete Caddesi 34/6 
80090 Taksim 
Istanbul 

Price Witerhou.se 


Company Notice 



r mciHHCan im 

UmwMWfll bwpW 


MTELUECTUBJJE 


The World Intellectual Property Organisation (a Special- 
ised Agency of the United Nations) has an opening at its 
headquarters in Geneva, Switzerland, for a 

Specialist In Patent Law and Related Treaties 

to head the Industrial Properly Law Section. 

Candidates must have a university degree in law, or 
equivalent legal training; extensive experience in indust- 
rial property law, preferably Including experience at the 
international level; excellent English and good knowledge 
of French; be under the age of 55. 

Send detailed resume (with photograph), quoting 
reference P703(B). by October 30, 1987, to the Person- 
nel Section, World Intellectual Property Organisation . 34. 
chemln des Cofombettes, CH-1211 Geneva 20 (Switzer- 
land). 





Overseas Property 




OECTUCnt DE FRANCE 
(EDO 

uswumuno 

Floating rate notes ctae February 
1999. 77ie applicable interest fate 
for the period beginning on 28 
August and ending on 29 Febnuoy 
1988 as fixed by the reference 
agent b 7^i per cent per annum 
namely US$378.99 by the 
denomination of US$x0,000. 


Holidays and Travel 


PRIME ESTATE— PORTUSAL r* 
420 hedtrsa. 70 bn Math of LisbMu- 
suitable at ftocfc- or stnd-farac 330 bee' 
healthy cork oaks: to bee. paitnrcf- 
GmntaDd; 2Q bee. eoeaJyiAn forkst;- 
Bpri ngf Od, naan lake; ratBdeBt water. 
supply far irriptioa. Splendid vivn- 
motiern banting-lodge and other boll-' 
dings. 30 km to the beach. , 

Price: USSUSOCAM. — 

EoQtdritSS 

1 04 LbWa W M e p ai 
am-irt rsH 
- or TVtec 4 CU 2 SGM P 


ST PAUL TRAVEL 
Humber One in the City. 






TH 




a 


Lake Geneva 
& Mountain resorts 

nt a> m « /MBMOT «CWtn M, BM- 
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CANNES, FRANCE 

Swnpteotts oocBkMwi lodging. 
145 M*. Magnificent decoration. 
Superb view of the sea. 
Exclusively Lamy. 

16 tod. Nuandre ill 
B&400 £aasB& 

Td. 93 43 85 85. 


A new deal which allows you to 
possess a residence in Switzerland, 
dose to Geneva (only 35 minutes 
away from the Cointrin Interconti- 
nental Airport). 

At St-Cergne 

The “LES CHESAUX-DESSUS" 
Residential Estate 

A Swiss summer and winter resort 
(altitude 1150-1680 metres). 
Privileged, secluded setting, peace, 
pure aii; green surroundings, and 
sunshine. 

IMMEDIATE POSSESSION' 
Credit facility. Low rate of interest 





Information and safe: 

Etude du notaire 
A.L.BU&NIER 


3, rue C&sar-Souifc 
CH-126QNyon 
Tel. 022/6U4 51 


LES CHESAUX-DESSUS 
Residential estate 


Address, 


TeL no. , 


Personal 


l am interested in a flat 
of— rooms. 


Country 


Art Galleries 




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Kin S3 licia l Ti men Wedncsd ay , September 2 1987 


TECHNOLOGY 




fax card for IBMs 


BY BOB KING IN TAIPEI 


MICROTEK, a small but imtova- 
tive Taiwanese, company, has' 
introduced a facsimile card for 
IBM personal computers and 
compatibles which appears to 
offer features rivalling those of 
more expensive systems. . ' ~ 

The card, called the MFAX96, 
complements a line' of Image 
scanners that the company says 
has a 31 per cent market share 
in the US and more than half in 
Europe. 

The system, retailing at $995 
(£614). operates -at dp to .9,600 
bits per second and is compati- 
ble with any Group XU fa* ma- 
chine. -It offers automatic dial- 
ing and receiving,- scheduled 
and multi-address transmission 
and, used with the. scanner, ex- 
tremely high resolution graph- 
ics and image communication. 

While other fax cards - in vari- 
ous price ranges - have most or 
all of these fteatures,the Micro- 
tek system also incorporates 
so-called background opera- 
. fion. . That n) piin ‘ i that; a -user 
need not dedicate a PC to the 
fax function. 

He or she could be working on 
a document in, say, word-pro- 
cessing mode when a. I hx call 
comes in. The CPU on board the 
card freezes the keyboard until 
the fax transmission is' received 
and stored, and then returns the 
user to the original task; 

The Microtek card provides 
powerful = facilities for display- 
ing, composing and -editing fax 
images and messages on screen. 
In-house software provided 
with the device allows enlarge-, 
meat, reduction, rotation, flip- 
ping, erasing. Inversion, and 
even "catting and pasting* of the 
images. „ . 

A recent display *>f the card at 
a Taipei PC users’ group meet- 
ing impressed the often jaded 


'users and engineers. In Taiwan,, 
at least, the unit offers an inex- 
pensive alternative to the stan- 
dard fax machine - and, of 
course, saves the expense of a 
second telephone line. 

The company plans to intro- 
duce a stand-alone version of 
the fax card, which anil connect 
to any computer through a stan- 
dard RS 232 communications 
port While both the card and' 
the stand-alone unit will func- 
tion independently as foxes, Mi- 
crotek envisages that the prod- 
ucts will form part of its 
growing network of communica- 
tions devices and software. Op- 
tions Include connections to a 
scanner and either laser-jet or 
dot-matrix printers. 

- Software provided with the. 
scanner offers "windowing” in' 
"mixed mode”,, so that users can 
mix half-tones and text The 
scanners also feature 64 grey- 
level gradations (compared 
with a maximum of 32 from com- 
petitors) and np to 300 dots per 
inch for excellent half-tone re- 
production. The devices com- 
press data to reduce transmis- 
sion times and costs. 

Used with the company's opti- 
cal character recognition soft- 
ware, the scanner can read 
typed or printed documents at 
40 seconds a page, eliminating 
the need for a typist to re-key 
the -text Microtek claims accu- 
racy as high as 99.87 per cent in 
a variety- of popular typefaces. 

The company markets its 
products with Digital Equip- 
ment Corporation, and with 
Rank Xerox in Europe. It also 
sells on .an original equipment 
manufac turer basis to Unisys, 
AST, and Taxan of the US, Ges- 
tetner Holdings of the UK, and 
EL Berthold of West Germany. 


Standard coal in a bottle 


1 SCIENTISTS at a government 
laboratory in tee UShave been 
collecting pieces of coal and 
putting them in. bottles. The 
results of this odd exercise 
may help operators of power 
.stations and- factory, plant to 
cause less pollution and burn 
ftiel more efficiently. 

Hie Argtnme National Labo- 
ratory in Illinois, run -by the 
Department of Energy, has 
been tarkifag a central prob- 
lem in coal studies -the lack of 
uniformity in eoal&amples- 

Scientific results involving 
coal -combustion ean.be diffi- 
cult to~ evaluate because the fu- 
el varies:, between .different 
programmes. \ Furthermore, 


even coal types which, on the 
’ face of It are similar, vary ac- 
cording to the seam from 
which they were mined and to 
tee degree of air exposure. 

The Argonne scientists 
picked three major classes of 
coal from seven parts of the 
US. They carefully prepared 
samples of each and packed the 
material into glass vials, 
where it is stored in a con- 
trolled atmosphere. 

Up to 75,096 vials will even- 
tually be available. They will 
be handed out to research in- 
stitutions interested in using 
the samples in a 

scientific project- 


Peter Marsh explains how ICI’s colours and fine chemicals 
division has found the electronic key to a more efficient future 


IN THE fast-moving fashion in- 
dustry, bine was a favourite col- 
our last year. All over the world, 
designers strived to identify the 
dyes to create the correct shade 
of blue, and then to find manu- 
facturers capable of producing 
the chemicals as quickly as pos- 
sible. 

This pattern of planning in 
the fashion business, repeated 
year after year with varying col- 
ours and styles, also has to re- 
flect changes in demand from 
shops. If a shirt or dress in a 
certain colour is not selling 
well, the clothes manufacturer 
may seek to replace the item 
with one dyed differently. 

The fluctuations create obvi- 
ous strains for dyestuflb produc- 
ers, which include some of the 
world's leading chemicals com- 
panies such as Sandoz, Ciba- 
Geigy, BASF and Imperial 
Chemical Industries. 

Reacting to sudden alter- 
ations in orders is hard enough 
when a manufacturer is turning 
out discrete products such as 
valves or computers. In process 
industries such as dyestuffs, 
however, tee problems are ag- 
gravated because the product is 
.not a single item but rather a 
chemical formulated from doz- 
ens of ingredients, all of which 
have to be ordered and manu- 
factured. 

Four years ago, managers at 
tee colours and fine chemicals 
division of ICI freed up to the 
difficulties. They started the de- 
velopment of a £3m computer 
network, designed to link the 
company's offices and factories 
in Britain and France so that 
orders from customers could be 
processed more quickly. 

The system, which went live 
earlier this year, is already 
producing benefits, says Ken 
Dargie, the division’s commer- 
cial services manager. Accord- 
ing to Dargie, the time taken to 
turn out a new batch of products 
from a customer’s order has 
been reduced by roughly 10 per 
cent, to an average of a little un- 
der six months. 

Almost as important, a cus- 
tomer telexing or telephoning 
an order for a certain chemical 
can now be told within 24 hours 
whether the material is in stock 
With ' manufacturing spread 
over 10 locations in Britain and 
France, and with stocks held in 
warehouses in the 80 or so coun- 
tries where the division oper- 
ates, ICTs managers previously 
found it for from easy to answer 
even such apparently simple 
questions. 

One of ICFs customers is C.W. 
Pittard, a leading leatherware 
manufacturer, based in Yeovil, 
Somerset Peter Laight, techni- 
cal director, says it is "absolute- 
ly critical* for bis company to 
react quickly to changes in de- 
mand from the market place. He 














r S- t ; 5 : - r 

1 










11 WHO PROGRAMMED THE COMPUTER. 
To SEARCH For LAVENDER. 

Scented hankie, p •?£?" 


Profits of a 
different hue 


agrees that this in turn imposes 
stresses on dye makers. 

Pittard, part of the Pittard 
Garner group, makes clothing, 
gloves and shoes in anything up 
to 6,000 colours, each of which is 
based on a dye which owes its 
origin to a mixture of materials 
drawn from about 100 chemi- 
cals. 

ICTs colours and fine chemi- 
cals division has annual sales of 
about £500m. The split is rough- 
ly 60:40 between dyestuffs and 
associated pigments, and speci- 
ality chemicals. The dyestuffs 
are blends of materials com- 
monly based on complicated 
ftfrajns of benzene-related 
chemicals, while the speciality 
chemicals are used predomi- 
nantly as intermediate materi- 


als in the manufacture of prod- 
ucts such as drugs and plastics. 

As recently as 1984, the divi- 
sion made a loss. Now it is turn- 
ing ont what Tony Rogers, the 
chairman, calls "moderately 
healthy" profits, although he 
does not want to give the exact 
figures. 

The change, says Rogers, has 
followed cost cutting - the drvi-. 
slon now employs 5,000 people, 
roughly half the number of five 
years ago - and an effort to focus 
the division's strategy for prod- 
uct development and sales. 

With a head office in Man- 
chester and three main facto- 
ries in Huddersfield and Gran- 
gemouth in Britain and Oissell 
in France, the division is re- 
sponsible for 2.000 basic prod- 


ucts, half the number of five 
years ago. "We have tried to get 
away from the grocer's shop ap- 
proach of s elling a little of vir- 
tually everything,” says Rogers. 
"We have tried to concentrate 
on what we do best' 

1 The computer project has 
been fundamental to the recov- 
ery strategy. Rogers says it is 
part of a general drive to put a 
greater emphasis on attending 
to the needs of the customer. 

It took 80 man-years to devel- 
op the software, which was writ- 
ten by ICTs own engineers be- 
cause they found nothing 
suitable on the market 

The computer system is based 
on a big IBM machine in Man- 
chester, which is connected to 
about 50 terminals scattered 
around the division's factories 
and to its central warehouse at 

Heywood. 

Heywood, which is near Man- 
chester, is responsible both for 
baking orders from customers 
and for sending off shipments, 
which can be in quantities vary- 
ing from a few grams to several 
tonnes. The warehouse's total 
floor space for holding materi- 
als for shipping adds up to the 
equivalent of four soccer 
pitches. 

Staff at this centre determine, 
via the computer system, wheth- 
er the chemicals involved in a 
particular order are In stock 
and, if not, the sequence of 
steps to make them in any of the 
company's factories. 

Plant managers can use their 
terminals to link up with coun- 
terparts elsewhere in the divi- 
sion, to order chemicals used as 
raw materials or to monitor pro- 
duction in other parts of the di- 
vision. 

The computer project has al- 
so produced benefits for other 
parts of ICI, including those 
concerned with pesticides and 
other plant-protection prod- 
ucts. pharmaceuticals and paint 
additives. 

Under an ICI-wide function 
for the colours and fine chemi- 
cals division, chemicals are 
turned out for these other parts 
of the company, orders for 
which are also fed in through 
the computer. 

The idea of this cross linking 
with other parts of ICI is to max- 
imise the use of the division's 
manufacturing facilities, many 
of which are concerned with 
making formulations that are 
used in other ICI products as 
well as colours and fine chemi- 
cals. 

As well as the colours and 
fine chemicals division’s three 
main factories, other plants run 
by the division which also make 
materials for ICTs other subsid- 
iaries are at Avion, Ellesmere 
Port and Stevenston in Britain 
■and Villers St Paul and St Clair 
du Rhone in France. 


Taking the plant 
to the fuel 

MOST coal-fired power sta- 
tions use fa el transported in 
from miles away. Bat a power 
plant on tee drawing board in 
California is planned to sit 
right on top of the coal it uses. 

That Is not tee only unusual 
feature of the station, which 
tee Northern California Power 
Agency, a public authority 
comprising several municipal 
energy utilities. Is considering 
building. It would also include 
fluid-bed combustion technol- 
ogy and advanced pollution- 
control equipment to increase 
burning tficteaty and minim- 
ise gaseous emissions. 

Thermo Electron, a company 
in Waltham, Massachusetts, is 
studying tee station under a 
contract to the power agency. 
It would burn lignite, a type of 
coal which has a lower heating 
value tk»n other forms of com- 
bustible material and is rela- 
tively expensive to transport. 

According to tee agency’s 
plans, the station would be 
built on a lignite field, so cut- 
ting transportation costs. The 
ash residue would remain on 
the site, the mineral rights to 
which are owned by Thermo 
Electron, which specialises in 
energy systems, aerospace 
components and biomedical 
equipment 

If the study finds that condi- 
tions for building tee plant are 
favourable, construction will 
go ahead over the next few 
years at a cost of about 9100m 
(£62m). The field has reserves 
to generate 40MW of electrici- 
ty over the next few decades. 


Conducting a 
US tour 

UK SCIENTISTS and industri- 
al executives are acutely wor- 
ried about falling behind in 
the world race to commerci- 
alise superconductivity tech- 
nology. Intent on keeping up 
with the faster pace of develop- 
ments in the US, a team of five 
specialists wifi make a 10-day 
fact-finding tour of principal 
US centres in October. Jan E. 
Evetts, of the department of 
materials science and metal- 
lurgy ad Cambridge University, 
will lead tee team. 

The trip is funded by the UK 
Department of Trade and In- 
dustry. It will Include Karl 
Gehritsg of GEC Research, 
Dennis Hadfield of tee BNF 
Metals Technology Centre, and 
representatives from Magnet 
Technology and the Science 
and Engineering Research 
Council’s Rutherford Appleton 
Laboratory. 

Superconductors transmit 
electricity with almost no loss 
of power. Newly developed su- 
perconducting materials fonc- 
tion at less e<dd temperatures 
than those previously devel- 



for budding products, 
heat exchange, drinks 
dispense, fluid power; 
special-purpose valves, 
genera! engineering, 
refined and wrought metals. 


Birmingham, England 


oped and bold tee promise of 
cheaper electrical power, fas- 
ter computers and other poten- 
tial commercial applications. 


A safety 
checklist 

HOW safe is your office or fac- 
tory? A computer-driven vid- 
eo, which runs through a series 
of safety checks for people in 
rations forms of work, is avail- 
able from Video Media, a com- 
pany in London. 

The video, which Involves a 




set of questions which are an- 
swered using the computer, 
tests the awareness to danger 
of people in offices and plants, 
and how the hazards can be 
prevented. It costs £158 plus 
VAT and runs on IBBf-eompat- 
lhle personal computers or In- 
teractive video workstations. 


Aluminium and 
its uses 

A ROOK has just been pub- 
lished which details a range of 
uses far aluminium, from etch- 
ing to protective anodising and 
electrodeposition. The Surface 
Treatment and Finishing of 
Aluminium and its Alloys is 
available from Portcullis 
Press, 2 Queensway, Redhili, 
Surrey RH1 IQS, for £120. 


■CONTACTS: Thwmo Electron: US. 617 B90 
6700. Cnwroctc UK. 0628 71513. Argonne Na- 
tional Laboratory: US. 312 B72 7969. Video Me- 
dia; UK. 01 4053257. 


i»-u 




VV-:'V 
• ■■•■ yW-r ■. 

rV'V v 


/ 




'Vv 








.V 




THE ENERGY THAT 
IMPROVES BUSINESS 




GasT 

EA/EjRGYfSOUR BUSINESS 


It’s dean, extremely reliable and it’s economical to use and has 
infinitely controllable. helped to reduce manufacturing costs 

It's versatile and highly effiaent for thousands of companies. 


It can improve productquality and 
boost productivity. It’s easily installed 
and often pays foritself within two years. 


7X. 


£ 


Photograph courtesy oj AE Turbine Components Ltd. 

Natural gas. it was made for 
modem industry. Ignoring it could cost 
your company dearly. 


fora bee copy of our (act file, ask your secretary do contact Peter deal!. Manager, industrial Development, on QI -242 0789 












8 


Financial Times Wednesday September 2 1^7 



THERE CANNOT be many un- 
der-secretaries in the British 
civil service wbo sport a Filofax 
and a remote radio telephone 
as part of their daily business 
equipment Foxali, Director of 
the Export Credits Guarantee 
Department Comprehensive 
Group in Cardiff however, is 
one wbo does. 

They are not status symbols 
but small examples of the way 
in which this part of the ECGD - 
concerned with providing short 
term guarantees of payment to 
UK exporters - is seeking to 
come to grips with modem com- 
mercial realities. 

His job is one which up till 
now has been carried on in a 
state of relative obscurity, but is 
now increasingly perceived as 
vital for a department under re- 
lentless pressure from govern- 
ment to perform more satisfac- 
torily. On a day-today basis 
Foxali is charged with master- 
minding the changing culture of 
an institution - making it func- 
tion less as a government de- 
partment and more as a dynam- 
ic, forward-looking business. 

The almost constant public 
debate over its future to which 
ECGD has been subjected in re- 
cent years was sparked off origi- 
nally by the developing country 
debt crisis which forced ECGD 
to meet large claims on medi- 
um-term export credits for 
debt-ridden developing coun- 
tries. That has always been the 
most conspicuous side of its 
problems; in practice it is only a 
small part of the story. 

It masked another unpleasant 
fact - that short-term export 
guarantee business, which 
makes up 80 per cent of ECGD 
turnover - has been falling. Two 
years ago when Foxali arrived 
at the Cardiff Comprehensive 
Group, morale was low, finan- 
cial results were poor and ex- 
porters were complaining that 
it was out of touch with the mar- 
ket. 

Short-term business, ranging 
from the insurance of chemicals 
to chocolate and machinery 
components, may be less glam- 
orous than project lending to 
developing countries, but both 
Foxali and Malcolm Stephens, 
newly-installed chief executive 
of ECGD, see it as vital to the 
battle over the department's fu- 
ture . 

More and more British ex- 
ports are short term: more and 
more are going to other devel- 
oped countries. ECGD has to 
stay with this business and de- 
velop it profitably if it is going 
to justify its continued exis- 
tence to Ministers. 

But in today's competitive 
world, where the private sector 
insurance market centred on 
Uoyds Is ready to snap up any 
business neglected by the 
ECGD. that means running a 
government department as if it 
were a business in its own right 

Suddenly, marketing and mar- 
ket share become important 
considerations. ECGD has to 
sell its services actively, even to 
exporters who, up till now, have 


Short term exports 
insured |»y ECGD 

(Cbllllon) 

Sourer. ECOO 



Co8n Foxali: when he arrived at CareBff, inprate wa s low. financial results went poor and exporters were 
ootnpWnlng that the department was out of touch wWi the market 

ECGD takes on a 
more commercial face 

Peter Montagnoa explains how a UK govenupent department under 
pressure to improve its performance is modernising its outlook 


not even been aware of the need 
for export insurance. 

Under Foxali a quiet revolu- 
tion has been taking place in 
Cardiff From the outset ECGD 
wanted to avoid the mistake of 
making promises to customers 
that would later prove impossi- 
ble to fulfill Privately ECGD of- 
ficials point to British Rail's 
Network SouthEast initiative as 
an example of this; they are 
scathing about what they see as 
BR seeking to enhance its im- 
age with brightly painted trains 
before taking serious action to 
enhance the actual service. 

Instead, behind the scenes, 
there has been a major change 
of culture and direction. Onfy 
now that it is beginning to pay 
off is ECGD willing to start to 
market its new-found strengths 
in public 

' Gone from the comfortable 
modern floors of the block it 
shares in Cardiff with the Welsh 
Office are the old-fashioned civ- 
il service structures which en- 
courage officials to operate in a 
discreet vacuum. Unusually for 
a civil servant, Foxali says be 
has even 'abolished policy” be- 
cause it tended to emphasise 


what the ECGD could not do. 
”We are trying to get to a situa- 
tion where we think about what 
we con do,” he says. 

Foxali has institututed a busi- 
ness plan for the division and 
created a board that reflects its 
different activities so that se- 
nior staff can see the work they 
do as relating to the division as 
a whole. 

Even so the business of pro- 
viding short-term guarantees 
for exports is complicated and 
unwieldy. The Comprehensive 
Group has around 8.0Q0 custom- 
ers which lodge some 139,000 
credit limit applications for 
their foreign buyers a year. Of- 
ten these buyers will be previ r 
ously unknown to ECGD, but in 
almost every case the require- 
ment is for a speedy decision oq 
the credit limit that can be ap- 
plied so that the UK exporter 
can secure the business and, in 
turn. ECGD its premium in- 
come. 

As part of its effort to expand, 
ECGD haa been developing new 
products. It has started to tai- 
lor-make policies for larger cus- 
tomers to suit their specific 
needs and geographical mix of 


business. It has began offering 
what it calls 'commitment Gov- 
ex', ensuring that insurance will 
be available for a specific peri- 
od ahead so that exporters can 
plan their production schedules 
and purchasing. It has been 
looking at new instruments 
such as offering guarantees on 
individual bank letters of cred- 
it 

Ultimately, however, Foxali 
believes that success depends 
on being able to deliver the 
produd; to the customer. That 

response to enquiries. xjujfin 
turn implies aq ability to assess 
and price insurance risk quick- 
ly. If here that, with the help 
of considerable investment in 
modern computer technology, 
developments have been most 
dramatic. 

Over the past year the ECGD 
has developed a system of risk 
analysis that has" allowed if to 
turn round 41 per cent of enqui- 
ries from customers within a 
Space of 24 hours. Previously 
this was achieved with only 18 
per cent of enquiries. By late 
next year ECGD expectsto pn> 
ces$ 75 per cent of enquiries on 


a same-day basis. This will al- 
low staff more time to concen- 
trate on more difficult and com- 
plicated applications. 

*Nqt every buyer is a high 
- risk. The majority are low risk. 
We asked ourselves whether we 
shouldn’t try and redesign the 
underwriting process to respect 
that,” says Mervin Bossom, head 
of underwriting at Cardiff Un- 
der the new system of examin- 
ing risk characteristics -shell as 
the 'industrial sector abdyejr is 
involved in and the general eco- 
nomic outlook for "a given coun- 
try - ECGD no longer' needs'' tp 
examine eacb'buyer’s record in- 
dividually or to rely on toe qual- 
ity of credit control applied by 
the UK exporter (though this is 
still a factor which is token into 
account), 

*We now feel we can under- 
write more rapidly, sometimes 
with less information' toan we 
had formerly asked for*' stub 
FoxajL 

The new system is already be- 
ginning' to show results. After 
years or decline, short-term 
business guaranteed py ECGD 
began to turn up in June and Ju- 
ly. For tod whole of'1987 ECGD 
is forecasting an increase for 
the first time since 1864. 

Yet it will still take time be- 
fore the development can clear- 
ly be described as a success." A 
main worry of exporters in toe 
past bas been political risk; this 
is becoming less and less rele- 
vant as they turn to OECD mar- 
kets. Many still need to be con- 
vinced that other risks - such as 
bankruptcy of aq' individual 
buyer t are also ones which mpr- 
it expenditure on insurance- . 

Because of the time taken to 
negotiate claims" and' recoveries 
it will also be years before the 
ECGD can begin to measure the 
true profitability of its new 
style underwriting. It Is a short- 
cut process which Foxali him- 
self admits could lay the organi- 
sation open to the risk of losses. 
Yet it is ' also being careflilly 
monitored and so far the spee- 
dier decisions obtained under 
the new system have deviated 
little from the decisions 
reached by traditional analysis. 

In the short run the main test 
will be to see whether the new 
system allows ECGD to increase 
toe volume of its business. If ii 
can manage to do so while keep- 
ing costs under rigorous CffBr 
troL, toe department as' a whole 
will be strengthened in its e£ 
fort to justify its performance tq 
Minister s. 

That in turn would help lay to 
rest some of toe questions about 
its long term future. But success 
could also raise new questions. 
The" ECGD's Comprehensive 
Group is already losing much of 
the character and culture of a 
government ’ department If 
eventually it proves it can stand 
bn its own feck financially and 
commerrialfy, the new question 
might be whether it needs to be 
fii arm of government at alL 


Comparative costs 


The newer the 




BRBF. Is A shock for finance 
managers. Thai prestige' mod- 
ern office block in die' City of 
London may ran tain a time 
bomb of exploding occupation- 
al costs. 

This is not a question of rent 
and rates, the first of which 
has been exploding anyway, 
.but pf the humdrum charges 
for maintenance, energy, 
cleaning, security and so on. 

‘On the basis of research car- 
ried out by Savills, the char- 
tered Surveyors, It will at least 
be worth asking some search- 
ing ‘ questions about' ocenpa- 
fional charges at the same time 
as negotiating rental levels. If 
a move is contemplated." 

Savills conducted a survey of 
5m square feet of City office 
property - around IB percent of 
the office stock - spread across 
buildings of different age and 
tine. The result has destroyed ' 

any notion that big is necessar- 
ily beautiful or that new is 
cheaper than old. 

“The broad findings are to- 
tally' contrary to many 'previ- 
ously held beliefs,” Savills 

foy»- 

Savill s’ findings split into 
three broad sections: - 

• Age - toe cost of maintain- 
ing a building coastracted be- 
tween 1988 and 1986 at an aver- 
age' £8^3 a' sqaare font was 
nedrly three tones filler than 
the' cost of maintaining one 
built before 1979; 

• Height - the cost of looking 
afterVbaOdfng'of more than 
id 'storeys worked out on an 
average per square fobt at 
more than donUe tfie efiarge 
for one of less than 10 storeys; 

f . Size * maintenance 
charges move up evenly on a 
square footage basis toe Igjrger 
the bnflding, so that" over 
1S0M9 square feet they are 
over double those for a fettH- 
mg smaller thsq 5MO0 sgngre 
feet. 

Energy and air conditioning 
rests are clrarfy im portant fee- 
tors ih toesellfcdingk. Energy 
costs obviously increase as 
bufidihgs become larger/ bit 
they go ftp significantly in taD- 
«r bindings becadse toe build- 
ings axe mere sensitive to' cli- 
matic change. They attract 
beat in the snaud e i and lose it 
through curtain in 


0Y PAUL CHEESERieHT 

the winter, so that a* >»$.*** 
tremes the ' air condition- 
heating has to work harder 
hence uses Bp more ener- 

sy- ' 

Virtually all the larger 
buildings are alrconditioned 
and wb«* they are fen, more 
energy-producing plant is 

neefoLWirile less tiura ludf of 
the pre-1970s buildings have 
air conditioning,, all built after 
1979 have it and the plant has 
become progressively more 
specialist to m a int a i n. 

The greater specialisation 
also applies to more general 
repairs. With forger and taper 
b uilding s the exterior fabric 
becomes more inaccessible. 
Beyond that, SavilB notes that 
“specialist materials' and fin- 
ishes used in modern build- 
ings cost more to repair, main- 
fete eventually replace. 
Traditional tradesmen are not 
equipped to carry out this type 
of maintenance and repair”. 

Developers often quote a cost 
of between £3 and £3.58 a 
square foot for maintenance 
charges but Savills asserts that 
Its research shotted a doubling 
of thls'flgixre after three or 
fouryenslu a new building. 

The corporate world clear- 
ly not going to collapse over 
questions of maintenance 


charges. At the end of the <fo& 
says Nick Lahey Bean, who 
carried out the research at Sw- 
ills, toe question is nig Scan 
buildings be run more cheap: 
fyT but 'do the occupants re- . 
cognise- the rnxrateg costs and 
are they getting the best vjh» 

for their money r 

Answers to that question are 
likely to impinge on the refer 
tionsfaip oflandloEd and tenant 
at the tone of rent reviews. If 
occupants find their running 
costs are higher than they an- 
ticipated or were given to un 
derstand they would be, tote 
they are likely to be less ready 
to concede nnoor rent rises. \ 

In today’s fevered market, 
where Occupiers are causing 
space and Central City rente 
are Being quoted at up to £88 a . 
square foot, maintenance costs : 
will' not be U major factor Ta 
rent negotiations. But Jhat 
could change as more off 
become available arid the 
ply-demand" balance 
some teuUibrlnni. 

Certainly tiie whole question 
of maintenance costs raises 

questions of budgetary con- 
trols. The Savills research 
prompts toe necessity fop a 
check on domestic property 
management to see that toe 
building is being run at the 
highest level of e ffi ci en cy. 



Vftj 

it" 4' 


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9 




Financial Times Wednesday September 2 1987 


UK NEWS 


Arthur Smith looks at the transformation in work practices-and attitudes at one of Coventry’s car assembly plants 

Ryton’s new driving force steers it back on the road to success 


TP TAKES Satu Kotedia . just 
under 90 seconds fo put 20 Spot 
welds on a Peugeot 80S as .it 
passes;' bis - station on & : car 
assembly track. 

He performs, the same- task 
1,230 times week — some 

24,720 spot welds made in a con- 
stant pattern with monotonous 
precision. Such relentlea6 con- 
sistency - ensures the quality 
behind.' one of title industrial 
success stories of recent yean. 

The Ryton car assembly plant, 
a massive' complex sprawling 
alongside-toe A45 motorway out 
of Coventry, was part of the 
Chrysler UK operation, acquired 
for a nominal -in: 1979 by 
Peugeot of France. Its token 
value- reflected- the history of 
bad labour relations .and the 
reputation- of the militant 
Coventry car workers. . •- 

Now; under chief executive 
Mr Geoffrey Whiden^-penioiniel 
director of Leyland Gam in, the 
1970s when it had 120,000 
manual workers — Ryton is 
claiming new quality and. pro^ 


dactivity records. The latest 
.phase of ft £tiOm investment to 
introduce new models is near- 
ing completion. Employees are 
being' trained to work on the 
Peugeot 405 which goes into 

H s 
s 
s 
s 
s 

production within the next few 
weeks ready - for a - January 
launch. 

The new car should mean 
the Introduction of a night 
shift ai.Ryton for the first tame 
for more than a decade and 
push production volumes back 
to toe boom days of the 1960s 


when it was Hillman Minx, 
Singers and Sunbeam Alpines 
that rolled down the tracks. 

The big difference is the num- 
ber of workers and the labour 
practices involved. In the 1960s 
Ryton bad jobs for more than 
4,000. The factory has climbed 
back from a low point of little 
more than 1,000 workers to the 
present 2,000. The reintroduc- 
tion of the night shift sfasuld 
create another 600 jobs. 

For Satu Kotecha, the drama- 
tic upheavals of recent years 
have meant little to bis basic 
job— a spot weld is a spot weld. 
But the production cycle now 
requires only a fifth of the 100 
spot welds required on the old 
Alpine saloon. 

" I was getting so fed up and 
so tired,” he says. He has also 
moved from a long assembly 
line in a far corner of the body 
shop to join a team of 14 wor- 
kers welding bits that cannot 
be handled by “ Barit 2,” a new 
machine that clamps together 


Peugeot Talbot forecasts profit 
next year after sales surge 


BY ARTHUR SMITH, MIDLANDS 

PEUGEOT TALBOT, the UK 
subsidiary of the French car 
group, is thought to be looking 
for a significant profit next 
year, after more than a decade 
of heavy losses. 

Good August sales continued 
this year’s upward trend and 
the company is -projecting in- 
creased market penetration 
with sustainable profitability. .. 

Peugeot Talbot’s . market 
share fell to. '4- per cent , two: 
years ago, but the - 309 model,, 
launched in 1986, helped push, 
sales to' about 5.6 per cent last 

wifwith. . 

The .405 model will go Into 
production at the Ryton factory 
near Coventry next month. 
Teady for launch .in January. 
It is a medium saloon, and will 
compete in the important fleet 
market against the Ford Sierra. 
Vauxhall Cavalier and Austin 
Rover Montego. 

Peugeotf Is seeking a market 
share of . more than . 5.5 per 
cent for 1988 as a whole but 
aims to be hitting 7 p er cent by 
the final month of the year. , . 

The sales performance of the 


CORRESPONDENT 

405 ^ will be crucial to the 
timing next year of the 
planned introduction of night 
tout working at Ryton for the 
first time for more than a 
decade.. 

■Up to 600 Jobs could be 
created and toe plant could 
move from its present output 
of little more than 1200 cars 
a week close to its Aristing 
capacity level of 2,500: 

The benefit of improving. UK 
sales is likely to be reflected 
in the Peugeot Talbot results 
for toe first half of this year 
due to be announced later tills . 
month. 

; Performance ; for toe full 
year, however. is likely to do' 
’little more than break even, 
as toe second half will carry 
the costs for pre-launch of the 
405 and - the decision 'an- 
nounced last week to dose the 
Coventry operation making car 
.kits for Iran. 

The last 50 jobs are to go at 
toe Stoke engine plant 
Coventry, -where 2.500 workers 
were ^once employed oh toe 
automotive industry’s biggest 


Denial over Scots 


export contract worth £130m a 

year. 

The contract has been sub- 
ject to repeated disruption in 
recent years caused by Iran’s 
inability to obtain foreign ex- 
change because of toe war with 
Iraq and political and economic 
problems. 

Peugeot Talbot blamed toe 
collapse of its business with 
Iran for toe increase in its net 
losses to £14ihn last year fol- 
lowing a £12 An deficit in 1985. 

The company showed a profit 
in 1983 for toe .first time in 
more to*n 10 years, but that 
was a particularly good year 
fox' the 'Iran contract which 
accounted lor more than 20 
per cent of turnover. 

Peugeot, toe French parent, 
must- hope that toe UK opera- 
tion has at last been tamed 
round, with rising sales com- 
pensating for toe loss of the 
once profitable Iran .contract 

The French cars group 
acquired the heavy lossznaking 
UK operations from Chrysler, 
of toe US. for a nominal $1 in 
1977. 


Thatcher 
begins visit 
to Scotland 


BY JAMES BIDCTOH, SCOTnSH CORRESPONDENT : to Scotland 

MR MALCOIM RIFKIND, toe concern. ' 

Scottish Secretary, yesterday Yesterday Mr Rifktad told gy Oar Scottish Correspondent 

denied that he was put Txhder , Prof ‘Shaw in a letter that he 

pressure, by. Whitehall to too “was disappointed that it HRS THATCHER today 
appoint a London-based rather did -not' prove- possible to begins a visit to Scotland 


th an a Scottish financial inatitu- appoint 


Scottish financial 


tlon to advise him on the institution outright as the sole 
privatisation «f toe two Scottish adviser/’ ' ' ' 

- *- *- But he categorically refuted 


electricity boards. 


lASt montir Mr EifWnd named any suggestion that Scottish 
a joint- team consisting of institutions were not permitted 
Barclays de Zoete Wedd and to compete oh equM terms for 
the British Linen Bank— the the business. “There is 
merchant tpwfcing offshopt of. . absoluely no truth in toe 
toe Bank of Scotland - — as speculation that we might have, 
advisers on the privatisation of • been subjected to pressure from 
toe South of Scotland Electri- Whitehall to appoint a London- 
city Board and the North iff based institution.” 

Scotland Hydro-Electric Board. The choice bad been made 
The team is to be- headed by on .toe basis iff “those who 
Sir M a rtin Jaedmb, ch ai rman of < impressed us most and were 
BZW, but based in Scotland, .best able to offer toe range of 
The appointment provoked ' expertise that we required.” 
strong criticism from some j. Prof . Shaw is to have a meet- 
Scottish financiers. Professor. , tag with Mr Ian Lang, the 
Jack' Shaw, executive director '/Scottish lndustry Minister, who 
of Financial' Enters’, hrill explain in more detail toe 

prise, asked for s meeting with!* [.{basis on which the decision was 
Mr Rifktad to express hhWtaken. 


. on which the decision was 


MSC chief welcomes fall 
in Welsh unemployment 


BY ANTHONY MORETON, WELSH CORRESPONDENT 
THE FALL in unemployment an aiming to . grips with the 
over the past year has been at issue. 

most encouraging feature of toe 1 Sir Melvyn found encourage- 

"Welsh economy. Sir Melvyn. meet in the number of people 
Rosser, chairman of toe Man-- that MSC had placed in jobs 
power Services Commission for- fiver toe . past year. This had 
Wales, said in Cardiff yesterday, trisen to 97400, the highest total 
Presenting toe annual report since toe recession began In 
of what he described as * z toe .l979. 

largest quango operating in the sir Melvyn drew attention to 
principality; we have a budget another difficult area, toe ro- 
of £150m,” Sir Melvyn d etecte d training of adults, where 20,000 
a degree of hope in the trend. >men . and women bad been 
“ The problem re mai ns as 1 assisted during toe year with 
great as ever, and while the ce w occupations, the highest 
art® in unemployment u figure far 10 years, 

encoaraging there nmn sffll be ^ , com™™™! «*., 

concern about those wnnoro there is undoubtedly an ex- 

.XSSrJSi for training for 
“KySSta of schemes; such ‘the over 25s,” he said. 

Mb Traffi “Retraining adults 'is very ; 
Mfcetae^b Clubs, toe CoS difficult because toe disciplines 
inanity Programme, the IfoteiJ jneeded are not always easy to 
priw^Ailwwice Scheme, and master toe. longer it become* 
Training for Enterprise, were! (after people have left schocd. 


MBS THATCHER today 
begins a visit to Scotland 
aimed principally at listening 
to toe opinions of Scots at a 
delicate time in Seottidi 
politics. 

' The Conservatives suffered 
a severe -setback in toe 
general election in Scotland, 
losing 11 at 21 seats. Labour, 
which won 50 of the 72 Scot- 
tish seats, is mounting a cam- 
pain for - toe creation of a 
national assembly. 

Details of Mrs Thatcher’s 
visit are secret but she is 
expected to visit deprived 
areas mid see companies and 
Institutions involved in 
advanced technology. She 
will give a series of recep- 
tions and dinners for a cross- 
section of people. 

Lart week the Scottish Con- 
servative Party unveiled a 
sweeping reor gan i s a t io n 
at making it a mine 
powerful electoral force. 

Mr John MacKay, a former 
Scottish Office minister who 
lost his seat ta the election, 
takes the new post of chief 
executive and the party is to 
become financially Indepen- 
dent of Central Office in 
London. 


Titanium plant 
cuts 30 jobs 

A FURTHER 30 job losses 
were announced at Deesstee 
Titanium, the only manufac- 
turer of titanium granules in 
the UK. 

Management at toe plant 
tJamiHi a continued dump tn 
world demand. The £25m 
plant was opened in 1982 
with the promise of 360 jobs. 

Rolls Boyce owns 82 J> per 

cent of Deesside Titanium 

and IMt Tif a itfmw ftp wmahL 

der. 


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HNANC3AITIMES 

EUROPElS BUSINESS NEWSPAPER 


toe roof and side body panels- ' 

As the shell of toe car still- 
in toe raw metal — “the body 
in white** emerges from the 
complicated machinery of toe 
Buck along toe track towards 
Satu, he and his colleague 
opposite move forward to per- 
form toe familiar welding 
cycle. 

Satu insists he does not get 
bored. But what does he think 
about as he goes remorselessly 
through tile routine? “My wife 
and children and their child- 
ren.” be says. 

Life on the assembly track 
came as a shock to Satu. an 
East African Asian who was 
expelled from Tanzania in 1973 
leaving behind his money- and 
his haulage business. He main- 
tains tiie camaraderie at Ryton 
more than compensates for do 
tag a manual job, “I shall be 50 
in three weeks and I shall bring 
ta a cake so we can all cele- 
brate. Everyone fe so kind to 
me.” 

The tedium of toe job is bro- 
ken by the banter on the tracks. 
Satu says. His name is scrawled 
ta large letters on a pillar near 
his work station. “ It makes no 
difference. They all call me 
jimmy, it was started by toe 
women because 1 am an d 
laugh a lot.” 

Satu knows when be leaves 
his bouse early in toe morning 
toe only thing that will be as 
predictable as toe work he 
will do is toe pattern of the day. 
The blare of a hooter not only 
gi gnaic the trundling of the ' 
track, the screech of machinery 
and the hammering and sparks- 
but also toe consequent wel- 
come silence. 




r % :% ‘I*- . -• 



. 7 M . ... ..... 

• ‘ " 5 \ V ’ 


£r/v4f I 




,,.j 


Alta Harper 

Satu Koeeha: work at (he Peugeot-Talbot factory is a bright qpet ta his day. 


From 7 .SO an, when the 300 
workers brace themselves as 
the cavernous body shop begins 
to echo to the clang of metal 
and machinery, toe times to 
look forward to are in every- 
one's mind: 9.30 (a 10 minute 
break); 11.00 (12 minutes); 
LL30 (30 minutes); 2.00 (12 
minutes); 3.00 (10 minutes). 

But it’s toe 4.30 pm hooter, 
the rush to toe car park and 
toe traffic jams home that bring 
the most welcome silence. *T 
must be getting old,” says 


Satu, “but as.seon as I get home 
I have to tell my 17-year-old to 
switch down his stereo. I don’t 
think my family realise just 
how noisy it is ta a factory all 
day. 

For Satu and many others, 
security among the noise and 
the very scale of the body plant 
seems to be sought not just in 
the predictability of toe job bat 
in toe. reassurance of familiar 
workmates. 

Workers tend to take their 
breaks alongside their own 


section of the track, spurning 
the* purpose-built eating areas 
equipped with food dispensers 
and micro-waves. It had long 
been' the. practice for chairs to 
be “acquired” from various 
parts of the complex to form 
makeshift facilities alongside 
upturned boxes and old 
cushions. The company has 
now acknowledged the require- 
ment and provides plastic 
tables and chairs. 

Steve Ross, 27, had been 
asking for a transfer from bis 


job for nearly 10 years. He 
welds the roof: three spots at 
the back, one on top and then 
the seam weld. But after a 
recent move to the trim 
assembly line he was quickly 
asking to come back. “It’s not 
like over here. The chaps were 
all different It was too quiet” 

Another man. told by the 
doctor he would have to trans- 
fer as toe glare from sparks 
was damaging his eyesight, 
volunteered to wear a special 
visor so he could remain with 
h!s mates of many years. 

The point is underlined by 
Bob Curry and Tommy dish 
who have worked together for 
16 years. The job has moved 
around the body plant but re- 
mains the same — amid a shower 
of sparks they grind down the 
rough edges where the roof 
joins toe windscreen. 

Bob is a keen fisherman and 
the section where be works is 
adorned with skilfully drawn 
coloured pictures of fish cover- 
tag the walls of toe whole area. 
“No, I don’t sell toe pictures,” 
says Bob. “They just brighten 
up the place.” 

When the 4.30 hooter sounds 
Bob and Tommy often head for 
the silence of toe river bank 
—away from Coventry, the 
motor car city where ta the 
booming post-war years the 
earnings were among the 
highest ta the land. 

The present basic wage of 
around 146 a week might have 
seen toe Ryton men slide down 
the national pay league. But 
at least they have toe security 
of a job in a dty still coming 
to terms with large-scale on- 
employment 


OUR PERFORMANCE RECORD KEEPS GROWING BUHtHlBl. 


— 'r*.- 











:.VpSV 
> . ; ’ ! 


s- ^ ' ' 

. :. A 


- ' - . * 

, \x-A- 

I? 




Ameritech is continuing to chart soil’d growth. 
Our net income for 1986 was $1.14 billion. 
That's a 5.6% increase over the previous year. 
Earnings per share were up 7.1%. And return 
to equity increased to 14.9%. 

The parent of five Beil telecommunications 
companies and other communications-related 
subsidiaries, Ameritech's primaiy markets are 
in the heartland of the United States: iffinoiSr 
Indiana, Michigan, Ohio and Wisconsin. One 
of the most information-intensive regions in 
the world. 

Ameritech companies are also leaders in 
advanced cellular mobile phone service; tele- 
phone directory publishing; voice and data 
products and systems; computer software; and 
lease financing. ^ They do business in our five- 


state market area, throughout the US. and 
the world. 

Wfe keep growing because of our ability to 
meet our customers' total information needs. 
U&fe're investing $2 billion annually in new 
technology to strengthen our competitive 
position in every market we serve. 

Fora copy of our annual report call Brussels, 
Belgium (32-2) 512-0040. for more informa- 
tion, write Director-Investor Relations, 
Ameritech, 30 S.\Xfccker Dr, R3500, Chicago, 
IL 60606, USA, or call USA 312 750-5353. 


M/eOCAN INFORMATION TSHNOLOOES 


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Ameritech Credit' Ameritech Mobile Communkations -ADR^ •Ameritech Services -Ameritech Development^ -Ameritech PUMshfng 


OB07 Ana te=h 




Financial Times Wednesday September 2 1987 

UK NEWS 

SDP CONFERENCE 


SDP and Liberals ‘must 
agree on key policies’ 


BY PETER RIDDELL, POLITICAL 

THE SOCIAL Democratic and Lib- 
eral parties will have to reach 
agreement on certain key policy ap- 
proaches such as the retention of 
British nuclear weapons if a merger 
is to go through, Mr Robert Maden- 
nan, the SDPs new party leader, 
made clear yesterday. 

In his keynote speec h to the 
SDKs conference in Portsmouth, 
Mr Madennan sought to reassure 
his divided party that he would 
press a specific social democratic 
viewpoint in the talks with the Lib* 
erals, which are expected to start 
next month. 

Both sides believe it should be 
possible to reach agreement with- 
out too much difficulty on the con- 
stitution and a general statement of 
principles for the new party, but se- 
nior Liberals and some Social 
Democrats are concerned about go- 
ing too £ar into policy issues which 
should be decided after a merger, 
and which cbuld prove divisive be- 
forehand. 

However, Mr Madennan drew a 
distinction between detailed poli- 
cies and a broad policy stance and 
said it was necessary to agree the 
latter before any merger. Otherwise 
the new party would face the same 
problems and "lack of clarity” as 
the previous SDP/liberal Alliance. 

He later made dear to a meeting 
of SDP candidates that such ques- 
tions of policy stance, induding de- 
fence, should not be left to the fu- 
ture but had to be dedded during 
the talks to establish the identity of 
the new party. This, he said, would 
make it dear whether the new par- 
ty would be one in which Social 
Democrats could feel at home. 

Mr Madennan in his confer- 
ence speech that such a policy 
stance would cover the belief that 
"competitive markets most often 
make the best provision of the 
goods, services and jobs which our 
people need and want" 

He also stressed that the coun- 
try's defence requires not only a 
commitment but a collective strate- 
gy with Nato and also retention of a 
nuclear element in Britain's de- 
fence capability. He said that these 
points added up to the party’s dis- 
tinctive policy stance - “on that ba- 
sis we can negotiate in good faith.” 

He criticised the Alliance's elec- 
tion manifesto for having obscure 
priorities and a blurred focus and 
said that on key subjects the initial 


EDITOR, (N PORTSMOUTH 



K'V, "Vw**^* 




v vm 


David Steel: welcomed 
SDP leader's speech 

stance and the subsequ e nt sub- 
stance of any new party must be 
dear. 

He mentioned energy policy and 
the compromise on civil nuclear 
power, a sensitive issue for him 
since the Dunreay nuclear reactor 
is in his Highland constituency. 
This reference irritated some Lib- 
erals who believe that such detailed 
points should not be the subject of 
negotiations. 

In general, however, his speech 
was welcomed. Mr David Steel, the 
Liberal leader, described it as ‘Con- 
structive” and said that the SOP'S 
vote on Monday to back merger 
talks had “set the scene for the new 
united party.” 

Mr Madennan attempted in his 
speech to heal some of the wounds 
of the past two-and-arhaif months 
by arguing that the merger issue 
was still open and urged both sup- 
porters and opponents not to preju- 
dice the outcome. 

Mr Madennan is not a natural 
and fluent orator, but his speech 
was well received by Soda! Demo- 
crats who tire sympathetic with his 
predicament as a conciliator after 
suddenly taking over the leadership 
from Dr David Owen. 

The anti-merger group was gen- 
erally quiet yesterday after its re- 
buffs so far in this conference. Dr 
Owen repeated in media interviews 
his de term ination to stay outside 
any new party and said that he was 
sure his con tinuing Social Demo- 
cratic group could be self-saffidenL 


Monopolies Commission poised 
for major internal changes 


BY DAWD CHUflCHtti. 

THE MONOPOLIES and Mergers 
Commission faces its first major in- 
ternal change for a decade when Mr 
Sydney Lipworth, deputy chairman 
of the Allied Dunbar group, takes 
over next January as the new com- 
mission chairman. 

Mr Lipworth, 56, replaces Sr 
Godfrey Le Quesne, who has been 
^airman since 1715, at B tima 
when the commission is under in- 
tense public scrutiny. An internal 
Whitehall inquiry into the Govern- 
ment’s competition policy, which in- 
cludes the workings of the commis- 
sion, is expected to complete its 
work early next year. 

It may call for changes in the way 
in which the commission operates 
to meet the demands made from 
the employers’ organisation, the 
Confederation of British Industry, 
and others for the commission to 
act faster when deciding whether or 
not corporate mergers should be 
given the go ahead. 

The Governments insistence that 
tiie commission take only three 


months - instead of the usual six 
months - to investigate the pro- 
posed merger between British Air- 
ways and British Caledonian may 
indicate that a speeding up cf the 
commission's processes may al- 
ready be underway. Mr Lipworth, 
who has been a part-time member 
of the commission since 1981, said 
yesterday that the commission “had 
already streamlined its operations 
over the past year.” He added: “we 
are always conscious of changing 
conditions in the business world, 
but we are also aware of our statu- 
tory duty to carry out investigations 
in a certain way.” 

He did not foresee any radical 
Changes in the commission's opera- 
tions under bis rhaTTmanahlp , but 
stressed the importance of “main- 
taining the balance between the 
speed of cur investigations and fair- 
ness to all concerned.” 


Mr Lipworth, who was born and 
educated in South Africa, has been 
one of the leading figures in the in- 


surance world for the past two dec- 
ades. 

He has been a dose associate of 
Sir Marie Weinberg, chairman of Al- 
lied Dunbar, since they worked to- 
gether at Abbey Life before build- 
ing up Hambro life which subse- 
quently became Allied Dunbar. 

Mr lipworth is also a director of 
BAT industries, which owns Allied 
Dunbar, and is a non-executive di- 
rector Of J Rothschild Holdings. 

He intends to relinquish them di- 
rectorships when he takes over as 
chairman - of the commission. Al- 
though his appointment is from the 
beginning of January year, his 
business commitments mean 
he wifi not become the fall-time 
Chairman until April 1988. 

Mr Lipworth said that he consid- 
ered the position as chairman of the 
commission "an important step in 
my career.” He added that he had 
greatly enjoyed his work in the in- 
surance world over the past few 
decades. 

Men and Matters, Page 20 


Offshore workers may earn £24,600 


BY PHILIP BASSETT, LABOUR EDITOR 

NORTH SEA offshore oil workers *™““ 
may be receiving up to £24,600 an- 
nually, according to a survey of pay 
packages for such employees carri- 
ed out by a trade union trying to 

recruit them into membership. CoiM 
Unionisation among offshore oil Ulan 
workers is not high, unions ac- Occi 
knowledge, there b eing some pene- Mebi 
tration by the TGWU transport gf_ 
union and most by the white-collar ***** 
ASTMS. 

But inter-union competition may ctiottoo 
be set to sharpen soon with a new Total Ofl 

recruitment pus h amo ng such em- 

ployees by the EETPU electricians’ Soon: 

union. 

As pari of its Dew drive, the EET- the < 

PU has carried out a survey of off- strut 
shore pay although it accepts that exttt 
the primary reason for joining and as b 
staying in a union for such workers conb 
may not be salary levels, but in the comj 
wake of the change in world oil Lo 
prices, issues affecting job security. Shon 
But the unions argue there is no tech] 
substitute for such employees for 1987, 
trade unions to protect their inter- Kistei 
ests with the mnitinatiowaT ni] com- phas 
pantos. tore 

In its sur vey, co mpiled by Mr Bod const 
Eadie, an EETPU area official in So 
the northeast of England, the link 
union says that it suspects that “it incte 
is a matter of deliberate policy that vey, 


OFFSHORE OIL 
Basic salary 


WORKERS* PAY 
ORsbora 


oottopfete pay 
package 


Conoco 

la wthwi 

O cc i den t a l 


£16,400 

£7,900 

£24,600 

15^400 

6A50 

2AJ300 

13£0Q 

4£50 

24,300 

13£00 

8£90 

23£00 

17,100 

5,900 

23^00 

12,700 

WOO 

22A00 

13£00 

7,350 

22,000 

12*00 

7,400 

21 £00 

13£00 

6J95D 

20,900 

11,800 

4400 

20,200 


Source: EETPU survey 


the companies have devised salary 
structures that make comparison 
extremely difficult." Elements such 
as travel allowances and pension 
contributions vary widely between 
companies. 

Looking at basic salaries and off- 
shore allowances for an operator 
technician in the first quarter of 
1987, the union compiled figures as 
listed in the table although it em- 
phasises strongly that the pay pic- 
ture for such employees is changing 
constantly and quickly. 

Some companies, such as Total, 
link their rates to the retail prices 
index, according to the union’s sur- 
vey, although it says in most cases 


wage rates have exceeded inflation. 

The union has also drawn up fig- 
ures for a Teague table" of total pay 
packages, trying to take into ac- 
count such elements as travel al- 
lowances, pension contribution ar- 
rangement, holiday schemes, ac- 
commodation allowances, health in- 
surance and free company share is- 
sues. 

Under this account, Conoco brads 
the list, as the table illustrates. 


Madennan pledge on merger talks 


Any decision on a split is likely to 
be delayed until after the outcome 

of the merger talks after Christmas. 

The major potential backer. Sir 
David Sainsbuzy, the finance direc- 
tor of the Sainsbury supermarket 
grow, has already made it dear 
that be wants to see the outcome of 
any decisive ballot early next year 
to see whether any separate group 
is viable. 

Dr Owgn played down Mr Mac* 
tennafl’s unity appeal sayfog the 
party was clearly “very divided.” 

There is some sensitivity over the 
relationship between any new party 
and Dr Owen’s group. Mr Roy Jen- 
kins, the former party leader, said 
on Monday that he hoped Dr Owen 
and the two other MP opponents of 
merger would not be opposed in 
their consfititendes by toe new par- 
ty. However, yesterday, Mr Des 
Wilson, the liberal Party president, 
said that what happened in these 
seats would depend on the attitude 
and behaviour cf Dr Owen and his 
allies. 

In general senior liberals are 
keen to see his group crushed by 
opposing it in any elections. 

The problems of the SDP over the 
next few months, until the merger 
derisions are taken, were under- 
lined yesterday when Mr B31 Rodg- 
ers; rhftirrmin of the SDPs finance 
committee, announced that cuts 
were necessary at its headquarters 
to ensure financial stability. 

He said that the party had to take 
precautions in view of the possibili- 
ty of a dMp in membership sub- 
scriptions and support over the 
rami-ng iririnthc and the need to put 
£70,000 in a reserve for emergency 
contingencies. Consequently, the 
headquarters staff - already down 
from 50 during fee election - is be- 
ing cut from its present 35 to 
around 25. 

The de sire o f other parties to ex- 
ploit the SDPs difficulties was un- 
derlined last night at a packed 
meeting of the Fabian Society in 
Por tsm o uth . Mr Austin MMeadfc 
lite society’s Chairman and indepen- 
dent-minded Labour backbencher, 
appealed to Social Democrats to re- 
join Labour. He said that labour 
had now rediscove r ed itseff and 
presented fee same face as in the 
2960s. He received a sympathetic 
but sceptical reception. 

Editorial comment Page 29 


LIBERALS and Social Demo- 
crats should not take a merger 
between their parties for 
granted. Hr Robert Madennan 
told the SDP conference yester- 
day in his first speech as party 
leader. 

Dr David Owen, his predeces- 
sor as leader, led a prolonged 
standing ovation in a packed 
hall at the end of the speech. 




«r* <-:/•****•’ — .. 

'I 


Reports by 
Tom Lynch 
and Ralph Atkins 


The union says; “Our study does 
show some surprising differences 
and a larger spread of earnings 
than many people would have ex- 
pected.” 


Enjoy reading your compfencfflarycopy of the Financial Times whcii you arc travelling in scheduled flights fami . . 

. . .Madrid with Iberia 

FINANCIAL TIMES 

‘Euwwc'iBtelacttNcaffcra-' 


In which Hr Madennan indi- 
cated that he would insist on 
clear policies over the Issues of 
nuclear weapons and the 
economy as part of any merger 
deaL 

He assured both “ enthusiasts 
for union who underrate the 
task" and those ‘whose deep 
pessimism seems at the very 
least premature " that the party 
would dot u cast aside the 
achievements of six hard years 
without ever considering what 
may emerge from the negotia- 
tions.” 

He promised to enter negotia- 
tions with the Liberals in good 
faith and to give his honest 
opinion of any package which 
emerged from the talks. “If 
tiie time is right for nniod. you 
will know it — and so will L” 

However, he made dear his 
insistence that policy issues had 
to be confronted, singling out 
civil nuclear power as a prob- 
lem area — the SDP supports 
nuclear power stations, tile 
Liberals are opposed. 

Mr Madennan, whose Caith- 





Robert Madcman during Us address yesterday. 


nos and Sunderland con- 
stituency includes the Dounraay 
fast breeder reactor, told the 
conference: “On a subject of 
such importance— both to the 
economy and to our environ- 
ment— riie initial stance 
thus riie subsequent substance 
of any new party must be 
clear.” 

Appealing for unity and calm 
after the weeks of open war- 
fare within the party between 
factions supporting and oppos- 
ing a merger, he reflected the 
anger of a large number of 
SDP members about being 


“bounced” into discussing a 
merger by Mr David Steel, rile 
libera l leader, immediately 
after the Alliance disappoint- 
ment in. the general election. 

“ What was unwisely un- 
leashed in the moments -of ex- 
haustion and distress which 
followed the June election was 
not a debate — it was a feverish, 
wrangling menace to the very 
unity upon which our entire 
credibility so crucially de- 
pends.” 

Mr Madennan acknowledged 
that the membership ballot an 
whether to enter merger talks 


might have been mistimed, but 
postponing it ** would n ot ha ve 
curbed the damaging extrava- 
gances of the zealots in our 
midst” 

He said the “bout of mis- 
summer madness” within the 
SDP had “put at risk the hope 
of seeing social democratic 
ideas put to work In the not 
Bri tish government Today, the 
raging must stop. Realism 
starts here." 

Hr Ma dennan told delegates: 
«I intend to lead a united 
party.” He hoped that riie mer- 
ger taliag would succeed, but 
stated that, whatever the out- 
come “the principles and pas- 
sions of social democracy are 
going to continue. 

“They are going to remain 
on offer to the British elector- 
ate. The form of that offer must 
remain unclear until riie SDP 
votes on the final package. But 
I am .left in no doubt of the 
force of that offer. 

“I do not intend to lead any 
member of party towards 
a leap into a limbo. I intend 
to seek a determined stride for- 
ward for social democracy. 

• Mr Steel, the liberal leader, 
last night welcomed the con- 
structive tone of Mr Madennan’s 
speech and- said the debates at 
the conference had set the scene 
for a new united party. 

“I very much hope that the 
Liberal Assembly will respond 
warmly in two weeks’ time,” he 
said. 

He hoped that the teams 
chosen by the two parties to 
negotiate a merger would meet 
with ode purpose and not as 
“two horse-trading teams on 
opposite sides:” 


Party put on 
‘care and 

maintenance 

basis’ 


Peter Riddell on the constitutional hurdles facing a merged party 


Agonising towards a new Alliance 


A NEW merged Alliance party, 
comprising virtually all the 
liberal Party and a majority of 
rile SDP, will probably be 
launched next spring, but it is 
not yet a certainty. The negotia- 
tions are more than a formality 
as Mr Robert Madennan made 
clear in his “honest broker” 
leader's speech yesterday. 

Of course, a breakdown of 
rite talks would be a disaster 
for both parties after the bitter 
public rows of riie past 10 
weeks. 

It is bard to see the SDP 
sitting down for another annual 
conference next autumn. . The 
possibility of an independent 
Social Democratic group led tty 
Dr Owen bas also concentrated 
minds. 

The negotiations will not 
start until ' October after the 
liberal Assembly in .Harrogate 
when the merger issue wiU be 
debated at length. The main 
question will be the n ew con- 
stitution and a state m e nt of 
principles. 

The two parties have differ- 
ent structures. The SDP is often 
characterised as the more 
oentrahsed and the Liberals the 
more decentralised and federal. 

In detail, the main issues are: 
• Membership. The SDP (with 
58.000 members) has a central 
membership register for the 
purpose of holding one person, 
one vote ballots on elections of 
the leader and constitutional 
changes. It is slso used for 
fund-raising. Payments are made 
centrally. 


The Liberals (just over 80,000 
members) have local recruit- 
meat by constituencies, though 
riie leadership would anyway 
shortly have pressed for A 
national register which wfH be 
adopted for the new party. 

+ Local units. The SDP has 
area parties grouping a number 
of constituencies With limited 
independence, while the 
liberals have largely autono- 
mous constituency associations. 

• Policymaking. The SDP has 
a Council for Social Democracy 
consisting of 450 to 500 area 
party representatives. This 
council considers proposals from 
the policy committee consisting 
of MPs and some members of its 
national committee. Policy bas 
to be approved both by the 
council, os by the policy com- 
mittee. In the case of deadlock 
there is a ballot of members. 

For the Liberals, almost any 
local member can attend its an- 
nual assembly if he or die 
wishes. The assembly is 
sovereign but the policy com- 
mittee makes detailed pro- 
posals subject to the veto of 
the party leader. 

• Central organisation. The 

SDP has a national committee 
elected mainly from the Coun- 
cil for Social Democracy, while 
the Liberal national executive, 
with smaller SDP representa- 
tion, fe separate from the policy 
committee, • 

• Leader. The SDP*s leader 
has to be nominated by at least 
15 per cent of MP* with a 


postal ballot of all members if 
there is a contest A candidate 
for liberal leader bas to be 
nominated by five MPs,' or a 


fifth of the parliamentary party, 
whichever is less, with elec- 
tions by secret ballot in load 
constituencies frith all mem- 
bers entitled to vote. ' 

• Regions. The SDP has 
regional councils but they .telly 
consider policy with no de- 
cision-making role. The 
Liberals have sepa ra te, self, 
funded Scottish and Welsh 
parties and a network of re- 
gional organisers. 

Tfae resolution approved by 
the SDP on Monday referred 
to national membership lists, a 
representative assembly and 
one member, one vote elections. 
This will -be acceptable for riie 
Liberals. Indeed many Liberal, 
leaders had been eager to fallow 
these aspects of the SDP con- 
stitution and riiey have always 
preferred its practice of making 
policy by documents, considered 
at length and which can be 
amended in detail, rather than 
by resolutions at the annual 
assembly. 

There may be difficulties 
across, as much as between fee 
parties, over whether the repre- 
sentative council or assembly 
should be sovereign On policy 
or whether fee party leader 
or MPs should have a veto. 
The Liberals are united in want- 
ing a decentralised and federal 
structure wife distinct Scottish 
and Welsh parties and many 


Social Democrats agree. 

There may be some disagree- 
ment over fee rights of affili- 
ated bodies like fee youth 
sections and councillors and 
whether they should have 
separate voting rights, or 
whether members should have 
riie choice of exercising their 
votes in one of these bodies or 
in a constituency party. 

Neither side expects much 
difficulty in agreeing a state- 
ment of general principles. The 
issue is about how detailed this 
should be. Many involved do 
not believe that specific policy 
commitments should be 
included since this should be a. 
matter for fee new party. 

However, Mr Robert Mac* 
lennan made clear yestenfey 
that he believed the policy 
stance, as opposed- to detailed 
proposals, should be dear from 
fee start He mentioned energy 
policy, and particularly civil 
nuclear power, which has 
divided the parties in. fee past 

There is room for confusion 
and disagreement here and also 
on fee question of how far the 
new party should oppose the 
existing three MPs on the 
probable independent Social 
Democratic group and any can- 
didates it should put up. 

The odds must nevertheless 
be that a new party, probably 
called the Alliance, will be 
formed after much agonising 
this autumn and winter. It is 
not so much a question of 
mutual good will as mutual 
necessity. • 


The SDP has been “put on a 
care and maintenance basis* 
until its future has been 
decided. Hr Bill Rodgers, the 
chairman of the party's 
<;iunw» committee, told riie 
conference. 

He said the Jane-toSepfem. 
ber period was always * flat 
tlwt i for party income, a situs, 
tion made worn this year by 
fee aftermath of fee general: 
election and uncertainty over . 

the SDPs future- 

The party Is thought to 
face a shortfall in income of 
about £258,606 this year, rad 
voluntary redundancies axe 
already being sought to cut 
fee number of full-time staff 
at the party’s Westminster 
headquarters in Cowley Street 
from 35 to 25. 

The SDP does not face fee 
problem of post-election debt 
and party officials believe that* 
giyen economies and redund- 
ancies, fee machinery can tick 
over on donations and sub- 
scriptions from its 58,000 
members nntif a final decision 
is taken on whether to merge 
wife the Liberals. 

Mr Rodgers told the con- 
ference: “ We must . avoid 
cashflow problems during fob 
period and set ourselves 
clear objectives until fee 
Co nnell for Social Democracy 
and the membership make the 
final decision on the future 
of the party.” 

His committee had a res- 
ponsibllity “ to keep the 
party In good shape, without 
debt, so that it can be banded 
over to its heirs— whether 
the SDP or a new party— In 
good shape.” 

He said feat fee party 
would have set a substantial 
sum aside as a reserve against 
any possible need to dispose 
of the lease on Cowley Street 

However, no increase in 
the cost of subscriptions wft* 
proposed because that might 
pot a further obstacle in the 
way of new or renewed 
membership at a time wha 
it was very hard to recruit 
people to the party. 

The conference approved 
the proposal to keep the 
annual subscription steady at 
£10 for 1988, but rejected fee 
advice of Sir Leslie Murphy, 
one of die party's trustees, by 
endorsing a reduced pro rata 
subscription for couples. 

Sir Leslie said the party 
did net have the staff or fee 
ability to set up the computer 
software to implement the 
new rate, but fee proposal 
was passed by 88 votes to 78 
amid dear signs of annoy- 
ance among delegates that an 
identical decision by last 
year's conference in Harro- 
gate had not been imple- 
mented. 


lightening of 
control over 
guns explored 


Wright memoirs given 
exposure ‘as protest’ 


Delegates defer moves on 
safety responsibility 


AS EXTRACT front Spy- 
catcher, the memoirs of Mr 
Peter Wright, fee former MI5 
officer, was read out at the 
conference yesterday by Me 
games Osborne, from Bristol, 
and broadcast five on BBC 
television. 

Shortly after he started, 
Mr OSborne was ruled out of 
order by Mrs Shirley 
Williams, SDP president. 

Mr Osborne said his action 
was In protest at the Govern- 
ments attempt to prevent 


publication of fee book in 
the UK and abroad. He 

The conference unani- 
mously passed a motion con- 
demning fee stops taken by 
the Government to baa fee 
book as “a dangerous in- 
fringement of the freedom, 
of fee press.” 

Ms Julia NeubCrger, foe 
the SDR national committee, 
said the baa was intolerable 
and Che Government Was 
questioning the maturity of 
the public. 


THE GONFEREN'CE. stopped 
short of approving a proposal 
to make company directors per- 
sonally liable in law for riie 
safety of their employees 
Moving a motion in reaction 
to fee Zeefarugge ferry disaster, 
Ms Anna Hodgetts (Sussex) 
said companies were prevented 
by fee law on auditing from 
being sloppy wife money, but 
there was no parallel law to 
ensure they paid attention to 
safety. “The laws care more 


about money than they do about 
people.” 

However, Mr Roy Evans, for 
the policy committee, success- 
fully appealed for fee motion 
to be remitted. He said the 
problem was related to 
unbridled competition and fee 
committee wished to consider 
fee issue as part of its wider 
review of economic policy. 

He said the law currently 
allowed actions for negligence 
against companies and their 
employees, inchiding directors. 


THE SDP leadership agreed 
to explore ways of tightening 
control of guns in the wake of 
the Hungerford massacre. 

A motion proposing 
measures including psychia- 
tric reports on applicants for 
gun licences and confining the 
availability of guns andf 
a mmuni tion to registered 
premises, was remitted to the 
party's policy committee on 
the understanding that it 
would produce its own pro- 
posals. 

Moving the motion, Mr 
Mike Slaven (Greenwich) said 
it was intended to stop people 
gathering arsenals such as 
that owned by Michael Ryan, 
the Htmgerford killer. 

There was wide opposition 
to the terms of the motion 
from several delegates, who 
argued that it would put too 
many restrictions on those 
who enjoyed the sport of 
shooting. 


Free market economic ideas win approval 


SOCIAL DEMOCRATIC policy 
in the 1990s could place greater 
emphasis on free market 
economics and competition to 
tackle social and economic 
problems, it emerged from 
policy debates yesterday. 

In discussing policies to take 
into fee next decade, several 
delegates argued that private 
sector funds could prove 
essential for fee success Of 
economic and social policy. 

These debates, based on dis- 
cussion papers prepared by 
prominent SDP members, 
covered education, poverty, 
social services, the economy, 
trade unions and local govern- 
ment 

There was substantial sup- 
port for radical policies that 
would break away from the 
traditional ideas about the 
social market and harness 
competition to improve the 
quality and efficiency of public 

services. 

Mr Robert Skidelsky. author 
of an introductory report, said 
unemployment could not be 
solved simply by expanding 
demand— fee SDP bad to recog- 
nise fee importance of the 
supply side. 

In a speech ahead of today’s 
debate cm fee social market 
economy, he said it would be 
wrong to concentrate on in- 
comes TndBMl 


the emphasis should be on 
making markets work by remov- 
ing obstacles such as shortages 
of skilled labour. 

Mr gkidelsky, a founder 
member of the SDP and bio- 
grapher of the economist John 
Maynard Keynes, said social 

services could become an in- 
creasingly heavy burden on 
gover nm ent r e s o urces in riie 
1990s unless more private funds 
were injected. 

Mr Roger Liddle, fee unsuc- 
cessful SDP Candidate in fee 
Fulham byelection in April 
last year, however, said there 
were large costs as well as bene- 
fits from free market econo- 
mics. 

He said, for example, capital 
markets in the City pay “fat 
rewards” to some but failed 
to provide adequate funds for 
industry. 

“They do not actually ensure 
that Britain bas the research 
and development and fee long- 
term commitment to investment 
which we need in this country,” 
he said. 

Hr Liddle argued that an In- 
comes policy was still probably 
necessary but supply side eco- 
nomics could only work if there 
was also a sustained expansion 
in demand. He urged delegates 
to temper their commitment to 
market economics. 

In a debate <m education, 
riftegatps gave wide support for 


the inclusion in a discussion 
document of a proposal for edu- 
cation vouchers. 

Ms Anne Sofer, fee author of 
fee document; said: “We have 
dismissed too lightly in fee 
past fee whole theory ot vouch- 
ers because It has always been 
proposed by the radical right 
who combine it with an inbuilt 
system of privilege for those 
who already have money or 
have able children.” 

Mr Paul Rossi (Lambeth), a 
former member of the Doer 
London Education Authority, 
said the poor had no comeback 
against schools disrupted by 
strikes or which taught peace 
studies or barred the police. 

He described the voucher 
proposal as exciting— parent* 
and pupils would choose rite 
school, rather than fee school 
choosing the pupils. Successful 
schools would prosper and 
expand; unsuccessful schools 
would decline and ultimately 
close. 

However, fee plan was con- 
demned by a number of 
speakers, most strongly by Mr 
John Gordon (Sandwell). He 
said the money available for 
education should be spent op 
schools and bools, not on 
voucher schemes which were 
costly to administer. 

“I didn’t join the SDP to 
campaign for yimilar policies to 


tiie Tories. I am not going to 
appear on the doorstep in 1991 
to say to people we have got 
a voucher system like the 
Tories but it is more humane.” 

MS Flo Lucas (Liverpool) 
said vouchers created uncer- 
tainty for schools and councils, 
which fed not know from year 
to year how much money or 
bow many pupils they would 
have. Unpopular schools woi*M 
become sink schools and selec- 
tion for good schools would de- 
pend on parents being able to 
afford to live sear them — 
neither development should be 
supported by fee SDP. 

Mr Danny Finkeisteixz, under 
26 representative on the nat- 
ional committee, srgUed that 
there wag scope for fee public 
and private sectors to work in 
partnership to alleviate poverty. 

In a debate endorsing an 
SDP programme of action 
against poverty he said there 
was no contradiction between a 
market economy and equality. 

“ We understand issues of 
competitiveness and compas- 
sion,” he said. 

The poverty debate — which 
condemned as “ morally un- 
acceptable” the large numbers 
of hungry, homeless and 
deprived — covered fee redistri 
button of wealth and fee widen- 
ing of share ownership. Some 
sneakers claimed these had a 
direct link with the problems of 


deprivation. 

Lord Kilmarnock, the SDP 
Chief Whip in the House of 
bonis, presented a discussi on 
document arguing fee case for 
a Citizens’ Unit Trust to help 
redistribute wealth. The trust 
would take over the ownership 
of public sector enterprises and 
Pay dividends to employees 
fee public. 

33ns plan, which received 
support from several floor 
speakers, was dismissed as 
irrelevant by Professor Richard 
a founder member of 
fee SDP and an architect of its 
economic policy. 

He maintained feat the only 
Poverty was a shortage 
of Jobs. __ The first thing we 

Sent h A* 1 -* fisht ““emptey* 
ment he said. 

w as also discussion 
aoout the future of contract 
comphance—wfaere private com- 
panies working for fee public 
sector are obliged to give equal 
opportunities to members of 
minority ethnic groups and to 
A biil 10 °“tiaw these 
restrictions is expected to be 
introduced by fee Government 
in • fee next parli amen tary 
session.: 

However Ms Sne Slipman, of 
fee national committee, argued 
that it could help to tackle 
employment by redistributing 
training opportunities to those 
out of work. 


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Financial Times Wednesday September 2 1987 


UK NEWS 




s groups 
coyer 





BY BUNKER 

A SIGNIFICANT number of 
insurance syndicates at Lloyd's 
<tf London still appear to be 
nddetsreserved against future 
claims, according to Chatset, an 
independent research bouse. 

The principal worry is that 
. non-marine syndicates' lack 
adequate cover against- losses 
arising from US liability insur- 
ance, the' source of some of the 
market's biggest this 

decade: 

This is in spite of trading 
results for 1&84— the last year 
for which- Lloyd’s syndicates 
have so; ; far closed their 
accounts — showing that the 
market as a whole made a profit 
before tax. and underwriting 
agents', commissions of £295m, 
up from £179m for 1883, accord- 
ing toChatset 
The best results were in 
aviation and .marine insurance, 
While in motor insurance — 
where premium rates fell In the 
early to mid-1980s — only 10 out 
of 43 syndicates made a profit 
Overall, results for 1885 will 
tm “better still* and. 1986 
should be a “vintage year “ for 
Lloyd's because of steep rises 
m premium rates and relatively 
few natural catastrophic#, Chat- 
set said. :r 

Ghatsefs annual Lloyd's 
League Tables, published yes- 
terday, show that the market's 
102 non-marine syndicates — ' 
with total premium income 
Capacity Of about £l»47bn— cut 
their total pre-tax losses from 
£81rn in 1983 to £12ffl in 1984. 

Chatset found, however, that 
more and more non-marine 
syndicates have been buying 
complex reinsurance arrange- 
ments, known as “time and 
distance policies, as a way of 
making reserves. ' 

.In effect these policies, allow 
syndicates, to take credit in 


advance in accounts for invest- 
ment . income they would 
normally expect to receive only 
over a number of year. 

Outset's' figures show that 
seven: out of 10 of the biggest 
Lloyd’s noil-marine syndicates 
have now 'bought policies like 
these to cover them against 
losses- arising from years up to 
1984.' 

Chatset — which has strongly 
criticised the use of time and 
distance policies — said it was 
inconceivable that syndicates 
would buy them if they were 
over-reserved. “We do not 
believe ,. that syndicates are 
over-reserved. Rather, some 
syndicates are under-reserved,” 
it said. 

th addition, 1884 showed ex- 
tremely poor results from some 
non-marine syndicates caught 
by Claims arising from profes- 
sional indemnity or truck 
drivers* - - liability insurance . in 
the US. The worst figures were 
from- syndicate number 553, 
whose .underwriter Mr Cyril 
Warrilow resigned earlier this 
year/ which lost £15L2m,.or 54 
per cent of its net premiums. 
Drawn from results for 426 
Lloyd's syndicates, the Chatset 
tables show thdt aviation insur- 
ance was tile market’s biggest 
money-earner in 1984; with 
profits averaging 15 per dent of 
premiums. 

This was partly because in 
1984— “the best aviation year 
the market has experienced for 
adecade," according to Chatset 
— Lloyd's underwriters had to 
pay ont on -eight jet airline 
losses only, compared with 28 in 
1983. Only two out of 40 syndi- 
cates declared a loss. 

Lloyd's League Tables, 1984. 
Chatset, Bridge House, 181 
Queers Victoria Street, London 
EC4V 4DD. £30.00. 


James Buxton on a project that would create 4,000 Scottish jobs 


Hospital plan causes ill-feelings 


A FEW days ago Mr Campbell 
Christie, general secretary of 
the Scottish Trades Union Con- 
gress. sent a long letter to Mr 
Malcolm Rifkind, Scottish Secre- 
tary, in which be said unions 
did not want a project which 
would create 4,000 jobs in an 
area with 17 per cent unemploy- 
ment 


This is one of the astonishing 
developments in a row that has 
been raging for the past few 
weeks over what the Scottish 
Development Agency considers 
the most important inward in- 
vestment project for many 
years. 

Two surgeons from Harvard 
Medical School, Dr Raphael 
Levey and Dr Angelo Eraklis, 
want to establish a large hos- 
pital run on US lines at Clyde- 
bank, an industrial zone on the 
outskirts of Glasgow. It would 
provide specialist treatment 
and surgery for patients from 
countries with inadequate medi- 
cal facilities in or close to 
Europe — such as Spain, Italy, 
Turkey, Egypt and Morocco. 

The hospital would have 260 
intensive-care beds, plus a fur- 
ther 200 beds in the u step- 
down” facility for patients re- 
covering from operations. 
There would be a medical 
school and a 200-room hotel for 
patients 1 relatives. The hospi- 
tal would employ about 1,800 
people, including 80 consultants 
and 600 nurses. The total in- 
vestment would be about 9200m 
(£123m). 

Dr Levey and Dr Eraklis have 
been trying to find a home for 
their project for eight years, 
pursuing it out of what appears 
to be genuine philanthropy 
combined with an appreciation 
of a business opportunity. They 



Malcolm Rifkind : decision 
expected within weeks. 


they fear that their investors 
could become discouraged 

Labour MPs, many left wing 
local politicians, the Scottish 
TUC and health service unions 
all oppose the scheme. The 
Greater Glasgow Health Board 
has asked for more time to 
consider it ,though the deadline 
for comments set by Mr Rif- 
kind, who has to give it his 
approval, passed 10 days ago. 

The critics 1 basic objection is 
that the project will damage 
the National Health Service. 
They say it will lure doctors 
and nurses away from the NHS, 
not by offering higher wages — 
HCX has promised to keep to 
NHS pay rates for nurses — 
but by providing better facili- 
ties than the state. Professor 
John Cash, director of the 
Scottish National Blood Trans- 
fusion Service, has said that the 
hospital will place excessive 
strain on blood supplies. 


of nurses: it believed that most 
of HCTs needs could be met, 
partly from the ranks of nurses 
who now seek jobs abroad. The 
only potentially difficult area 
would be finding the 60-65 
specialist nurses required with- 
out straining the NHS. But it 
concluded that most difficulties 
could be overcome through co- 
operation between HCI and the 


Dr Levey quotes a separate 
study which HCI ordered from 
Ernst and Whinney, the 
accountants, which confirmed 
the existence of a large market 
for an American hospital that 
charged less than half the rates 
of a hospital in the US. Indeed 
HCI envisages the Clydebank 
hospital achieving its capacity 
of 7,500 patients a year in its 
first year. 


have chosen Scotland, they say, 
quality of 


partly because of the , 

its medical infrastructure. 


Tbe Clydebank location has 
special attractions, - because 


until 191 it is designated an 
enterprise zone, which means 
that investors obtain 100 per 
cent tax relief on profits for 
expenditure on buildings. Dr 
Levey acknowledges that this 
helps to make the project 
viable, but says that if this 
were the only criterian for loca- 
tion he could have gone to the 
enterprise zone in London's 
Docklands. Other government 
financial assistance is under 
negotiation. 

Once the project obtains the 
official go-ahead he and Dr 
Eraklis would sen their com- 
pany, Health Care Inter- 
national (HQ) to a Californian 
venture capital company, Mont- 
gomery Medical Ventures, 
which will put up the equity 
for the scheme. 

Their faith in Scotland has 
been shaken, however, by the 
extent of the criticism and the 
sometimes venomous comments 
that their company, Health Care 
International, has aroused, and 


' The project has ran into 
many Scots’ deep-seated dis- 
approval of private medicine 
and their lingering distaste for 
jobs in services rather than 
manufacturing. HCI is 


Dr Levey says many coun- 
tries lack the facilities to treat 
patients with serious illnesses. 
The patients are ordinary 
people— not the super-rich. 
“There are not enough compli- 
cated cases among the super- 
rich to make this sort of hospi- 
tal viable,” he says. 


seen 


proposing to acquire “wealth 


by treating 


from ill-bealtb 
the “super-rich.* 

To confront the critics the 
Scottish Development Agency, 
which attracted HCI to Scot- 
land through the Locate In 
Scotland bureau, commissioned 
a study of the project's impact 


from Coopers & Lybrand. This 
sd that HCX would create 


showed 

a total of 4,000 jobs, including 
the 1300 people directly 
employed at the hospital. It 
concluded that there should be 
no problem in recruiting doc- 
tors, who might find the project 
an escape from promotion log- 
jams in the NHS and an 
alternative to going to work 
abroad. 


The study was more cautious 
on the question of recruitment 


To assuage HCTs critics, Dr 
Levey and Dr Eraklis have said 
the hospital will only take Scot- 
tish patients if they are re- 
ferred by their health boards. 1 

Dr Levey says that the criti- 
cism has made him and his 
partner “feel bad at the human 
level, because we thought that 
we could have a good working 
relationship with these people.* 
But HCI, he says, will await the 
Scottish Secretary's decision, 
expected within weeks. Mr 
Rifkind can either accept or 
reject the scheme, or order an 
impartial inquiry. If he is satis- 
fied with the project’s feasibility 
be will presumably be loath to 
let it slip through Scotland's 
fingers. 


NOTICE OF REDEMPTION 
' To the Holders of 

MERIULL LYNCH & CO., INC. 

; 12:75% Notes Doe October 4, 1989 

: 12.75% Notefi due October 4, 


- NOTICE IS HEREBY GIVEN to the holders of the < 

1989 (the “Notes”) ofMerattlyndi AGo* Inc.(the“C__ 

■ es£ the fiscal Agency Agreement dated as 'of October 4, 1? . , 

Guaranty Trust Company ofNewyork(the.“RscalAgent I l and pursuant to Paragraph 6 (a) ofthe 
Notes, the Company has elected tqnedeem on October 4, 1987 (the “Redemption Date”) all of its 
outstanding Noted ate redemption price af20&50% of the principal amount thereof plus accrued 
Interest to the Redemption Due. Because the Redemption Date is a Sunday, all payments will be 
nod^bn Monday, October 3^1987, aU w though they imw made on October 4, 1987. The 
C o mpany is entitled to redeemthe Notesatany tbae on or after October 4, 1987.0n the date of 
this notice 1)3^9100300300 principal amount of Notes are o utstan di ng . 

Payments wifi be madeon and after October 4, 1987, against | 

Registered Nates and (u) Bearer Notes with coupons due ~ 
attached, in tLS. dollars. subject to applicable laws and 


Registered Notes, at the Corporate Treat Office ofthe FIs 
. respect to Bearer Notes, at the main offices of the Fiscal. 


4, 1988 and October 4, If 
. either (a) with res p e ct to 
'Agent in New York City, or (d) with 
i London, Brussels, Frankfort am 
Nederland N.V. in Amsterdam or 
will 


. respect to Bearer Notea, at _ — , 

Main and Paris, Swiss Bank Corpq r a ti o n In Baale, Morgan 

ItrfdiA f fanftle S A- TjTgmnhnriw rtw Iji wroh nniTtr- Ptfyrtiwnta 

. he made by a United^UtwdoUinrcbedc drawn on a bank in the Cite afNewTfork or by transfer to a 
dollar account malmained by the payee with a bank outside the United States. 

Coupons due October 4, 1987 are to be detached from the Bearer Notes and collected in the 
nazal manner; Interest on the RqptferetTNbtes will be paid-in tbenSnal manner by check to the 
holdms of record saof the close of business on September 15,1987. 

’ From and after October 4, 1987 the Notes will no longer be outstanding add interest thereon 
stall cease to accrue. 

ce Act of 1983, we 
I States to certain 


20% of any grda& payment mule within the United States to certain holders who fidl to provide i — 
with, mid certify under penalties of perjury, a correct taxpayer identifying number (employee 
'iden tification wwher or social security number, as appropriate) or an exemption certi ficat e an or 
before eta date the securities are presented for payment Those bokkta who are required to 
provide their correct taxpayer identification dumber on Internal Revenue Service FotmW-9 and 
•who fed to do so may also be subject to a penalty of >50. Please therefore provide the appropriate 
certification when presenting yOur securities for payment. 

MERlULLDfNCH&CO^lNC. 


Dated: September 1, 1987 

-111 !■■■ ■ 11 I ~ ~i ■ ilii ■* • 


Nurse training plan rejected 


BY DAVID BUNDLE 


HEALTH SERVICE mana 
say they cannot support 
being considered by the Gov- 
ernment for radical change in 
tiie training of nurses. 

The Institute of Health Ser- 
vice Management says the plans, 
known as Project 2000 and 
drawn up by the UK Central 
Council for Nursing, Midwifery 
and Health Visiting; fall to 
address fuQy the “crisis*' in 
nursing manpower. 

The institute warns: "There 
is the real possibility that in 
the future, hospital closures will 
take place not because of short- 
age of money but because 
nurses cannot be found to staff 
the wards." 

A sharp fall In the number 


of schooHeavers Is expected to 
leave nursing short of 3300 re- 
cruits a year by 1995. If Pro- 
ject 2000 is implemented includ- 
ing ft cut in the workload of 
student nurses, the shortfall 
could be 16,000 or half the re- 
quired annual intake. 

Project 2000 would end the 
evi sting two-year training for 
enrolled nurse status and intro- 
dace a three-year programme 
for all student nurses. 

- The institute says in its evi- 
dence to the Government pub- 
lished today, that k supports 
the thinking behind Project 
2000. But it says the assump- 
tions made by the UKCC and 
by Price Waterhouse, Its con- 


sultants, are “very uncertain 1 
and leave too little margin for 
error. 

Farther, the institute main- 
tains that the plans fail to deal 
adequately with the role of the 
proposed nurse “helper" and 
with issues of Skill mix and 
general manpower supply. 

The institute says “ Great 
care should be taken that the 
implementation of Project 2000 
does not devalue the very con- 
siderable contribution which 
enrolled nurses have made and 
continue to make to the NHS. 

This would be particularly 
unfortunate given the relatively 
high proportion of enrolled 
nurses who come from the eth- 
nic minorities." 


Workwear maker opens warehouse 


BY ALICE RAW5THORN 

ALEXANDRA WORKWEAR, 
one of the largest manufactur- 
ers of occupational clothing in 
the UK, is completing the final 
stage of a £1.7m capital expen- 
diture programme by opening 
a warehousing and distribution 
centre in the West Country. 

Early last year Alexandre 
opened a £1.6m factory outside 
Glasgow. The group’s produc- 
tion has since increased by 40 
per cent. 

It now needs to expand dis- 
tribution facilities to cope with 
the increased output. 

The warehouse will increase 


Alexandra’s distribution facili- 
ties by 70 per cent. The build- 
ing, which is leased, should 
cost about £100,000 to open. It 
is adjacent to the group’s exist- 
ing warehouse on the outskirts 
erf BristoL 

Alexandra expects production 
from the Scottish factory to in- 
crease further next year as It 
develops new markets in the 
UK and Europe. Mr John Prior, 
Chief executive, says it has 
equipped the new warehouse to 
accommodate that growth. 

Once regarded as one of the 
dowdiest areas of the clothing 


industry, workwear has enjoyed 
a revival in recent years. 

The new emphasis on market- 
ing within the service sector 
has encouraged companies to 
adopt workwear as part of cor* 
porate identity programmes. 
Within the manufacturing sec- 
tor many companies are jetti- 
soning traditional overalls in 
favour of smarter clothing. 

Moreover, the fi nan ci al ser- 
vices revolution has created a 
new source of customers among 
banks and building societies, 
and the new financial conglom- 
erates in the City of London. 



FIRST TRUST 


• Current return and safety of principal 

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■ Opportunity to reinvest Income (at net asset value 
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To find out if you qualify, ask your investment counselor, 
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ILS. number 


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CLAflON BROWN A ASSOCIATES, INC. ( Home Phone. 
1 -W ? r pate M la te Nb»W* { 



MaGNIN - CORDELLE 

IRENCH STOCK BROKERAGE HRM 


HAS 

THE GREAT PLEASURE 
OF INFORMING YOU 
OF ITS 

NEW OFFICE LOCATION 


89, RUE LA BOETDE 
75008 PARIS 
FRANCE 


FOR INFORMATION PLEASE CONTACT: 
Mr. RICALDO ZAVALA 
PRESIDENT INTERNATIONAL DEPARTMENT 
PHONE: 33 (01) 42891762 
TELEX: 04200 649 829 F 
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i-y. V ...vy : _;C - : 

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11 


TV© 

TEOLUSUUDEN VCMMA Of - 
INDUSTBINS KRAFT AB 

(TVO POWER (X5MRWY) ‘ 

KUWAIT DINARS 7,000,000 

7-7/8% GUARANTEED BONDS 
DUE 1989 


Uncondftfonaly and irTevocaMy guaranteed by the 
Repubfic of Finland 


In accordance with the conditions of the issue 
notice is hereby given to bondholders that nominal 
KD800.000 of the bonds are due tor redemption for the 
period ending 15A1987 and as per Clause 9(A) and ’ 
(D) of the terms and conditions nominal KD 800,000 
■wife redeemed as follows: 


A Bonds bearing serial numbers 5258 to 5508 (both 
numbers inclusive) have been redeemed by TVO 
through purchase in the open market and are with- 
drawn from circulation. 


B.The Bonds bearing the undermentioned serial 
numbers have been drawn for redemption on 15.9.1987 
at 100 per cent with accrued interest up to 15&1987. 
The' drawn bonds shall cease to accrue interest from 
15££7 and the bondholders are advised to surrender 
the drawn bonds with ail unmatured coupons to the 
Fiscal and Principal frying Agent or any of the Paying 
Agents on or before 1 53.1987 for payment on 153.1987. 


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7480 

1407 

14M 

7421 

1420 

1435 

1442 

14*0 

1498 

1483 

1470 

W7 

1484 

1491 

1488 

ISOS 

1812 

1819 

152S 

1833 

1540 

1547 


1881 

1560 

1875 

1562 

1509 

if- r |fi8 

1803 

TfffO 

1617 

16M 

1821 


1845 

1602 

1609 

1688 

1973 


1687 

1994 

1701 

1708 

ms 

1722 

1729 

1736 

1743 

1790 

1757 

T7B4 

1771 

1710 

1785 

179* 

1708 

1000 * 

1813 

1920 

1827 

IBM 

1941 

no 

1855 

1092 

1960 

1878 

IMS 

ion 

1897 

1904 

1911 

1918 

1B2S 

1932 

1980 

1940 

1553 

1960 

1867 

1974 

' 1981 

1988 

1995 

2002 

2009 

2010 

2023 

2030 

2037 

20*4 

2061 

2060 

2005 

2072 

2079 

2098 

2093 

2100 

2107 

3114 

2121 

2128 

*135 

2142 

2149 

2180 

2163 

2170 

2177 

21M 

2191 

2 in 

2205 

2212 

2219 

2228 

2233 

2240 

22*7 

2298 

2311 

2208 

2275 

aa» 

2288 

2298 

4101 

4108 

4115 

4122 

4129 

4138 

4143 

4180 

4187 

4194 

4171 

417* 

41K 

«f«2 

4199 

4208 

4213 

4220 

42*7 

42M 

4241 

4248 

4258 

429* 

4303 

4270 

4293 

4290 

4297 

4304 

4311 

4318 

4325 

4332 

4339 

4348 

4963 

43W 

4387 

4374 

4381 

4399 

4395 

4402 

4400 

4418 

4423 

4430 

4437 

4444 

4481 

4458 

4485 

4472 

4479 

4480 

4493 

4500 

4507 

4514 

4521 

4528 

4835 

4542 

4849 

4558 

4583 

4870 

4577 

4584 

4891 

4508 

4005 

4012 

4019 

4020 

4833 

4840 

4847 

4984 

4891 

4008 

4875 

4982 

48M 

4608 

4703 

4710 

4717 

4724 

4731 

4730 

4745 

4752 - 

4789 

4768 

477S 

4700 

47*7 

479* 

4801 

4808 

4018 

4822 

4929 

4830 

4843 

4000 

4857 

4984 

4871 

4878 

4885 

480* 

4899 

ms 

4913 

4920 

4927 

4834 

4841 

4848 

4988 

4062 

4909 

4978 

49» 

48W 

4987 

B004 

5011 

9018 

5D2S 

son 

8038 

5040 

8083 

6000 

5087 

5074 

5081 

5088 

5095 

5102 

•WO 

alio 

$123 

8130 

5137 

8144 

8151 

8188 

5145 

5172 

8179 

sin 

5183 

5200 

5207 

5214 

8221 

8229 

5235 

S242 

8940 

8258 

8081 

88M 

■895 

8702 

5709 

5710 

•723 

5730 

5737 

8744 

57*1 

5750 

•705 

5772 

577S 

8780 

sm 

5800 

8308 

8715 

8322 

ox* 

am 

0343 

6350 

8357 

03M 

6371 

9X73 

0385 

6392 

8399 

•406 

0413 

0420 

007 

8434 

OW1 

9448 

0485 

84*2 

8489 

8470 

6*83 

6*90 

849 T 

950* 

8511 

ffill 

6825 

8032 

6830 

taw 

8519 

■588 

9993 

•no 

6907 

9614 

•821 

8828 

6635 

0042 

0848 

9889 

9803 

6870 

9877 

OflM 

6901 

9199 

•res 

8712 

8719 

0720 

6733 

8740 

•747 

■754 

8781 

•788 

BITS 

■782 

8789 

■790 

6883 

8810 

•817 

WM 

8831 

6838 

045 

8882 

68S9 

6088 

9873 





The principal amount of the bonds outstanding 
after 15th September, 1987 18X03,400,000. 


FISCAL AGENT AND PRINCIFAL BUYING AGENT 



KUWAIT F0RBGN TRADING 
CONTRACTING & INVESTMENT CO. (SJUC.) 

OMAR BIN AL-KHATTAB STREET, SHARQ 
RO. BOX 5665 
13057, SAFAT.KUWNT 


RAYING AGENTS 

MORGAN GUARANTY TRUST CO. OF NEW YORK 
A/ENUEDESARTS35, 1040BRUSSELS.-BB-GILJM 


MORGAN GUARANTY TRUST CO. OF NEW YORK 
33 LOMBARD STREET, LONDON EC3P38H. ENGLAND 


BANOUE GENfflALE DU LUXEMBOURG SA 
27 A! MONTEREY LUXEMBOURG 


KREDETBANK SA LUXEMBOURGEOfSE 
43 BOULEVARD RCftAL, LUXEMBOURG 

KANSALUS-OSAKE-WVKW 

ALEKSANTBVNK4rU42,00100FQJSINKI10,FNAND 








Financial Times Wednesday September 2 1987 


UK NEWS 


Electronic components 
recovery ‘to continue’ 


BY DAVID THOMAS 


THE RECOVERY in the 
demand for electronic com- 
ponents looks likely to continue 
into the next year, according to 
latest forecasts by the Associa- 
tion of Franchised Distributors 
of Electronic Components, 


formal contractual links with 


turers and some of the manufac- 
turers themselves. 


UK ELECTRONICS 
COMPONENTS 

Sales forecasts £m 


1987 

1968 

Semiconductors 

921 

1JD31 

Passives 

263 

293 

Electromechanical 

193 

422 


• »**« 

Source: Alduc 


covery in demand is mainly due 
to an increase in investment by 
UR industry. Host of the com- 
ponents sold by the associa- 
tion’s members go into capital. 


Managers 
buy out BR 

advertising 

subsidiary 


NHS audits contracted out 


BY RICHARD WATERS, ACCOUNTANCY CORRESPONDENT 


THE AUDITS of 50 National appointed to theNHS are' in- province 7, of the National Audit corporate 

mm. t.a n : a* aa « ala. . fci !a nn-.. Ja ant flfnPTT U1CUI “ • * *** 


By David Waller 


Health Service authorities have tended to act as catalysts in Office. Observers do not expect 

been contracted out as part of improving financial manage- these to pass to the private ' ; ’ . ' 

the continuing drive to intro- ' meat, says the DH58; Extend* jn a novel tender, the The allocation follows aflve- 

duce private-sector disciplines ing the audits 'beyond 15 per „ HSS ‘ _ 9rw , Hed the 50 NHS year experiment in which bine 
into public-sector bodies. cent of authorities was ruled hinds and auditors handled a total of 19 


The audits, the first NHS out as- too expensive. 


BRITISH TRAN SPOR T Adver- arguments of this nature to 

i! ^ U Pll I BR hHII'C - — ■ m 


audits into five blocks and auditors 
invited 17 audit firms to tender audits. 


Sfr f adSii^ n ^bsldto S Sk^ob 


- ■ wi m | yrj (UUfWVM vu V| 4 a* * ** »»— y 

poster advertiang subsidiary, 15 p„ cent 0 f the total 334 
has been bought by eight of its authorities. Privat^sector firms 


Those taking part in ' the 
experiment but left out in the 


jssTisn, —sai— *——* 


-jsai-o-.- 3ESt5S5«t 


M .nF^ti5 P VrSi l te l £»a5r 1 iirmg injection of experience and ex- Coopers & Lybrand, Ernst * ^umnt allocation are Neville 
a rp pertise from outside the public Whinney, Touche Ross and Ru ^ seUi Armitage & Norton, 
already audit 30 per cent of sector into the - statutory audit Hodgson Impey. Robson Rhodes, ' Bearden 


manageme nt consortium 


All hut Hodeson number Farrow, Binder Hamlyn ahd' 

-£■ 25i?i" e i. 9-SB. 


It is forecasting growth in , oeriod of urice 

the UK electronic component *"}* * lon ® penmi ot pnce 
market of 9 per cent to £1.58bn cu ~ lg ' 


this year, after a decline of Within the senficonductor ma£Vin C rease intitTshare of 
about 5 per cent last year. The category, demand _for integrated rfira mayVot tohpn hv /iictrihjj. 


Z ter market, although it adds 

^ fluctuations in interest and ex- 

change rates. 

og period of price The association's figures, 
which it intends to update 

the semiconductor EKSSL .SSL : lS* m S 


about 5 per cent last year. 


believes tie market circuits i s parti cularly buoyant 
will grow by a further 11 per with a forecast of a 11.6 per h _ manufacturers it is nre- 

cent Sl988 to £1.75bn. «« this r*";,,,, * ** ■* °«°- SfctC asfdistrihutors Sill 

Semiconductors are the most ct ?S^ lc 1-5? take 31.3 per cent of the market 

dynamic part of the market. JP. **■ next year, compared with 30.9 

according to the association. It “though from a low base. pe r cent this year and 29.4 per 

is predicting semiconductor The smaller market for cent in 1985. 


sold yesterday that BTA was 
now “free from statutory con- 
straints” and ready to expand 
into new markets. 

BTA's role after its creation 
by an act of parliament in 1961 
was to sell post er a dvertising 
on behalf of the UK’s national- 
ised industries. Prohibited by 
law from undertaking business 


SvMrt SZSSSS. «*■ «•" 101 i£5g MbSTMTa? Delome 4 Wk 

ties. rae audits of central govern- Eight, which has come to donn- 

The private-sector auditors ment departments remain the nate the public sector and large firm among metre. 


Crime body seeks industry aid 


predicting semiconductor 


sales up 9.9 per cent this year, electromechanical components 
after falling 8 per cent last Is forecast to grow by 5.9 per 


per cent this year and 29.4 per 
for cent in 1985. 

nts Electronic Component Fore- 


ised industries. Prohibited by BY JOHN HUNT 

fo? the 0 nrirate e ^^^it ifonS BUSINESS and industry, break-ins, vandalism and pilfer- 
noVSatTt^Sl^bTabtetoSS including insurance companies, ing, had a direct interest in 
MdSdfeilA. otter rizSS wU be expected to take a community efforts to reduce 
companies, which include More alron S M !® in the new national crime. 

OtKSbUs and Allen and ' f™S5TS ,.2 


Prime Site, 


ing' 8 per cent last Is forecast to grow by 5.9 per costs and quarterly updates m^jL^^SL the Home ~ Secretary^ 

p>mt conductor prices cent this vear and for oassive AVDJZr. Chntejt Hall. OioIpjs P® 1 ^ cent 01 ™ e _ UK S poster _ . ..l^i u 


tion which was announced larly true of the insurance 
yesterday by Hr Douglas Hurd, industry which usually had to 



Early move 
possible on 
Channel 4 


By Ra ymond Snoddy * c 

INDEPENDENCE FOR Channel 


Semiconductor prices cent this year and for passive AFDEC, 


have increased in the last six components by 7.6 per cent. 


Buntinc 


’JSraE I Noma, » taer Cja»mti™ tte. comnittnent in the. Corner- 


He has asked Hr Steven 


pick up the tab 
The initiative is the result of 


4, Britain’s fourth national tele* 
vision channel, could come as 
early as January 1990 if the 
Government decides on radical 
change. 

The ITV companies have 
tended to assume that-: the 
present - structure will not 
change before January 1.2883, 
when a three-year extension to 
existing ITV franchises runs 
out 

The Government believes, 
however, that a restructuring of 
Channel 4 is technically possible 
before the franchise extension 
comes into effect 

The ITV companies are -due 
to be offered new contracts next 
April but the Government 
believes it would be possible to 
effect the final content of those 
contracts with a comprehen- 
sive broadcasting -bill expected 
to be introduced into parlia- 
ment in the autumn of 1988. - - 

At the moment Channel 4- is 
a subsidiary of the Independent 
Broadcasting Authority; and the 
ITV- companies sell lts-Udver- 
tising air time in return for 


months, the association says, The association says the re* SG9 9PL. £225 pi 


British Midland leases Boeings 


mateS S o which more »P for Oxford East, and Mr vative Party’s general election 

Birley.. a Home Office manifesto .to bmld on jhj sup- 
British Rail’s poster sitet a crime prevention consultant, to port of the public -by estahlish- 
Starart has £2n draw£ »n report to him by the end of tag a national organisation to 
SSffos former^parent guara^ November with proposals for promote th e best practices in 

teeing this business for the establishing the organisation. local crime prevention, 
reerns mm noHmess iw: me ^ Norris, 42, a businessman. 


*+ * ci . 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


next five years. 

The most famour of the BR 


intended that the organisation was MP for Oxford East from 


posters is a kf e-size model of a would build on the experience 1983 until the general election. 


BRITISH Midland Airways, the Shuttle services compared with (£92m). Each aircraft will seat tW * r gained by the 35,000- existing He Is a former member of 

independent airline which com* British Midland’s «-■»>»— - — •- jumoo at Waterloo scamon, — *. — ^ — » »— t_vi — ^ — *-■ n... — n -_j 


Heathrow and G 

burg and Belfast, Is leasing six such as Amsterdam.. MD83s and MD-87s because of . asked to fund part of the consultant 

Boeing 737-300 twin-engined The first two 737s will join better seat-mile costs and be- scheme. He pointed out that tion Unit 

short-to-medium range jet air British Midland this November, cause with 136 seats the 737*300 Bik Qjmpany used to own BTA which suffered from 1985. 

liners. with another two being de- fitted the airline’s route pattern «“* mBans ^ 

Mr Michael Bishop, chairman, livered in early 1989 and the more efficiently. °* disposing of tt two years ago. — — — — — — 

said yesterday the move fol- remaining two in 1990, with Mr Bishop said that by mod- Early this year BR became • 


it airline which com* British Midland’s McDonnell up to 136 passengers. 
petes with British Airways on Douglas DC-8*— but also with British Midland those the 

scheduled routes between other airlines on short-haul 737-300s against competition Sf' ® 

and Glasgow, Edin- European international routes, from McDonnell Douglas 15,000 

lelfast, Is leasing six such as Amsterdam.. MD-83s and MD-87s because of , - . 


advertising Vireta Atiantic! neighbourhood watch schemes. Berkshire County Council and 
There area further 10,000 road- ® ut a ^° 1 e ? v ^ ed ^ IS Berkshire Health 
«£do sites and 15 000 on the business and industry would Authority, 
sides of buses. ’ play a major part and might be Mr Biriey, 32, has been a 


British Rail and tiie National 


asked to fund part of the consultant in the Crime Preven- 
scheme. He pointed out that tion Unit at the Home Office 


tteven . Nanis: preparing 
report for Home Secretary. 


said yesterday the move fol- remaining two in 1990, with 


Early this year BR became 


lowed sustained growth on its options for earlier deliveries if emising its fleet, British Mid- [ sole owner and put the corn- 


main domestic trunk routes required, 
during 1987 amounting to about The aii 
16 per cent over 1986. from Ans 


required. land was ensuring that it would 2>a&7 out to tender. Mir Sykes 

The aircraft are being leased be in a position to exploit any oadd the management consor- 
from Ansett World Wide Avia- new opportunities for route tlum won the day only after. 


The aircraft would enable tion Services of Australia, for expansion in the event of the fierce competition from five 
the airline not only to compete short-to-medium term periods, proposed merger between Bri- other bids. 

MM i.nfL DA .i. « 4 ; 1 . L I, * . f 1 ^ I.f 1 1 W • f _ J- XT. 


on domestic routes with BA — with eventual options to buy. tish Airways and British Cale- Financial details of the dis- 


whlcfa uses the bigger Boeing The purchase price of six new donian Airways being approved posal have not been disclosed 
737 twin-engined jet on its 737-300s would be about 8150m by the Government. at the insistence of the British 


Council agrees 
to talks on 
Royal Docks 

By Dina Medtand 


Monopolies report on beer 
supply trade ‘on schedule? 


Further bail in Guinness case 


Financial details of the dis- » U . .. BYUSA WOOD ..v - u* wuiiwu® im-anrer* 

NEGATIONS X3KSS £jS? “ 

Railways Board. The manage- lopment of the Royal Docks ^ interim rennvt nn ^ _ . .. suusenpaon. 

ment consortium was advised have begun between Newham into ■ - _ Gneves ° n » - Last year the Peaax* Com- 


ers Commission does not intend respond, 
to issue an interim report on Kletawort 


Grieveson, . the 


FINANCIAL TIMES REPORTER 


ment consortium was advised have Degun Deiween newiuuu itB ^Q.yeax investigation into r* 51 ye T. ™ e ^ eacocK 

by Midland Montagu, which Ix>ndon borough and the London British brewtae tadustrv stockbroker, su mmarises the nuttee, which examined the 

took a minority stake in the Docklands Development Corpo- neuartment of Trade and courses financing of British broadcast- 

new company. . . ration following a change of Tndn^rv^s^d tee rannSsrion ^ recommended by the tag. recommended that Channel 

- - r attitude by the local authority. "Smm JESTS . 4 should be free to eeU 


MR ERNEST SAUNDERS, 
former Guinness chairman, 
was farther remanded at Bow 
Street magistrates* court yes- 
terday on £500,000 bail 
accused of attempting to per- 
vert the course si justice and 
destroying and falsifying 
documents. 

Sir David Hopldn, Chief 
Metropolitan Magistrate, 
ordered at the last hearing 
that Hr Saunders, who has 
been living in Switxerbmd, 
was to appear yesterday. 

Mr Saunders was further 
remanded on hall until Nov. 
ember 3 on the same condi- 
tions. 

Mr Simon Spense, counsel 
for Mr Saunders, said he was 
content with the remand date 
set by magistrate Mr Ronald 
Barilo but was concerned 


about the time taken over 
Us client's case which first 
came to court on Hay 7. 

Mr Saunders was arrested 
after returning voluntarily to 
Britain from Switzerland to 
give evidence in the Depart- 
ment of Trade investigation 
of the Guinness takeover of 
Distillers. 

Mr Tiny Rowland and a 
family friend, Mir Herbert 
Heinzel, a cake manufac- 
turer, have each put qp 
£259,000 sureties for Mr 
Saunders. 

The alleged offences are 
said to have occurred between 
December 1 1986 and January 
30 1(|7. 

• The Department of Trade 
and Industry yesterday 
refused to comment on 
suggestions that it was con- 


sidering giving Mr Ivan 
Boesky, the disgraced Wall 
Street financier, immunity 
from prosecution in return 
for evidence about the 
Guinness affair, writes . Hugo 
Dixon. 

The DTTs inquiry into 
Guinness was launched late 
last year following a tip-off 
from the American authori- 
ties investigating Mr Boesky 
for insider trading: 

It is understood that the 
DTI will not give immunity 
without first dise asing the 
matter with the Crown Prose- 
cution fvvlee and the fraud 
squad, which is punning its 
own parallel investigation 
into toe affair. Given the 
case’s high profile, ministers 
would probably also be 
consulted. 


Radiation risk 
limits ‘too low* 


Newham previously had reser- whether there was a monopoly eight-page report said it arc time to increase competition 

u._. «tia Minumtinn’e „ - .l _ Mi I nnf hptiAVA thp mmmiiarian in British commercial tp.Ipvisinn 


limits too low 7 docks, which are in the borough. 

It feared they would be izteom- 
RESEARCH into the effects of patible with local interests. 


vations about the corporation’s situation in the supply of beer *»Heve the commission in British commercial television 

development proposals for the and was on schedule to maim would end the tied’’ house and tiy to halt the rising cost 


Its report in August 1988. 


system whereby most British of airtime. 


Some City analysts have been brewers _ own their own public I Outside privatisation 


radiation on ; workers In the Further negotiations follow- interim report wl 
nuclear industry and elsewhere jng redevelopment proposals say whether a 
suggests that internationally made by Rosehaugh Stanhope monopoly existed 
accepted safety _ standards ^ j^jy appear to have stiffed industry. . 
underestimate the risk of raaia- gome of the council's concern. . A . . “ complex . 


forecasting the likelihood of an bouses through which they sell channel 4 is clearly an option 

. u ... - _ jvC ihOl* IMBAW 1 X Ilf m ■ m 9 


interim report which would mofi ^ th«r beer. 


but separate selling of airtime 


ether a. “ complex ” Areas that might receive, under tiie aegis of. the lBA is 

f existed in the close attention, according to more likely. The Government 
.... the report,, include swapping Juw yet however, to make up 

complex ’* . monopoly public -houses- to ■ avoid local Its. mind on a package .of possi- 

i. t _ Z!_ ... . , axm 


_ ■ . aviu«i v* wiv w« ■■■■■■ — — — — — . a. - . . . . auwiwyv y • jiutmu -’uuuaacr km ■ rvviu • wwnx , ■ p?,' 

non-in a aced cancer by aoout a Aists where a single business monopolies by a brewer and bilities which include the future 

racurc of nve, rnraas m: tne ^ Conservative victory in! has a total monopoly of supply the introduction of guest beers, of Channel 4 and a form of 

.S’JSSSE? lb? general election bed ebo that cennet be challenged and ! “*£“8 5^ franchises 


environmental 


prompted it to reconsider its there Is no alternative product ... ... -_ T , , 

oaS ^nibrtantial tighten^ position. The esouneff said: “ The In the eozrtext of the brewtag Recover at Welsh 

UiDC is moving in and there industry the _ commission, for 


tendering for ITV franchises 
next time around. 

Any Government plan to 
change the structure of Chan- 


irnTgrf rtunfiards ahead of thP LDUt: is moving in juiu inerc mausoy res i auuan, wr _____ orange me structure or unan- 

in liSvof seems little point in lobbing example, will be looking to gears manufacturer nel 4 by 1900 would cause anger 

SSiSteSSla^^cSmSimi shells at it We may as well sit see whether the industry acts MR ROBERT ELUS, partner throughout ITV. The implica- 

rne inteilidUiliiai uiuuuwinu _ ..M. tm tn strhimia tnoathm- n» has Rimilav nnn. in Tniiphp Rnc^ hue tvan an. Knn »fi v.. v.._ .1 


™ RaS^neiaai ProtectionTThe round a table and try to achieve together or has similar prao- in . Touche Ross, has been ap- tion so far has been that al- 
SminSSmS roc^mum^ttons community benefits." tices which restrict competition, pointed atoumstrative receiver- though the companies win be 


STSrted S^SSy^go^ A draft agreement is believed If the commission decides of Moss Grew and ™mxms- gven new contracts for the 
up aocfiptea oy many govern- ^ ^ New . there is a “complex” monopoly sions. chartered accountant^ three - year extension, the 

m The orouD plans to present to ham council is to consider it which a<^ against the public South Wales based gear and changes to tiie terms would be 
temeeSSfapSttoi Ster this week. interest; individual brewers win propshaft members. minor. 


If tiie - commission decides of Moss Gears and Transmis- given new contracts for the 

t «i> n UAATvmlaw 11 vnAnnvrcihr otasio nViurfaVarl orniAfmfonfc I rt. _i n. _ 


there is a “complex” monopoly sions, chartered accountants, 


extension. 


Nick Garnett looks at the survival of the greatly-reduced machin e tool making industry in a West Yorkshire Pennine town 

Halifax tooling up to face an optimistic but uncertain future 


In July Mr Edmund Dell, the 
out-going chairman of Channel 
4. in a letter, to the Financial 
Times .called on the Govern- 
ment to establish Channel 4 
as a. separate broadcasting 
authority to prepare it for 
independence. 

Mr Dell also questioned 


milling and grinding machines, 
reflects on a couple of decades 


of life among the once proud interest in Europe were part of jut ueoxr ueaaowcroiu saws anauwn^ ““a dwm«*u «* w.*— ~ huiMam Haiifa-r rom 

but now shrunken collection of the Halifax scene. So, too, was director at Crawford-Swift, a turnover together of about P h ’“5^S |, ® e S?“ rturinl tiJe^nast three years. *It sticking tb™ 

TToliPov TT. a nh.' n ra fnnl TablrbrC a +« Pnnfc. n.rf naah nn M l.tb,. f B Km am maVincr rcaSflTlflhlp. in HalifSX SUd WHlt dSeWhere. OUTlng toe paSI toTee ycaTS. XI SUUUHg IUC 


TOM BURDEN, services direc- Halifax machine tool making Binns and Berry family busl- emergence of a healthy sob- Some of tiie losses have been in tort toehold on the world MIMii reg »' eqtapmMt whether there was any need to 

tor at Butler Newall, a manu- demonstrated so much that was ness which employs 60 people strain, the manufactore of small w&flSfSBHta «un- ^¥he company exports 90 per Swards installing ? a ^ompirtei> 

facturer of large, customised bad. making lathes, says: “We have training lathes and machining • ta tiie 1960s ai£ J.970s com- The Compaq e^onsw per * ““ puier &vmg Oiannei 4 full inde- 

A dearth of marketing sense rionler ordir book than we cenSSTused ta rolleges and by *«BjttirtiJnt &*$££ »Sft Sd Squith *"*»**• 

id an almost pathological dis- have had for five years." _ apprentices. Denford, m nearby son, ud l Oldfield udMoWd m^d^ to vo^ immn ivmn anu^qmto 


pen deuce. 


eaBLsT&nss KUiMt 


Halifax machine tool makers. 


a failure to fork out cash on small maker of very large lathes, £8-5m are making reasonable m Halifax and went ^ewbere. dimng toe 
leaking roofs and dirtv shoo- savs: “Wp. have hedeed our bets urofits producing such machines. Since 1980, Stirs has gone - also nas a 


“ The Halifax machine tool leaking roofs and dirty shop- says: “We have hedged our bets profits producing such machines, 
industry suffered like so many floors and a habit of missing - 


share of the Crawford is one company that 


world market in blade tip grin- has branched out into purpose- 


other things in Britain because the boat when 
of the influence of the finance moved forward, 
man in these companies. When when i aree eon 


technology 


When large companies took 


the going was god and these 0 ver most of thTfamily busi- 

“esses in the 1950s and 1960s 


those guys would say: 


^dl«? d oSer^^dHalil^ 


Opportunities sometimes open for machine tool 
companies. Mach depends on how they react. 


ders for turbine jet ppginim built machinery, such as glass- 
Hr Michael Dodson, chairman cutting equipment. A third of 
of Butler Newall and one of the its turnover comes from new 
group of new young managers mac h ine sales, the rest from the 


Life and unit 
trust body 
seeks SRO stains 


in their 40s at B. Elliott, says conversion and rehabilitation of 
the company almost went under second-hand machines. 


money on the factory: 


sssSlsSS a me* teirehaveto isssts « & 

anTSSnS »7SteE^2S!S But all this is mixed wifli the next year. . . pur 


wnwratehradin British maim- 
1 factoring. The recent recession 
afford to spend any money. anfi tIua „* W hfrh HnmM. 


business, 


in the early years of the de- 
.•■■■«•> ca ^ e _ “in 1980-81 the combined 
much Butler and Newall businesses 


Since being purchased by a 
group of ex-managers with the 
help of the County Bank in 


“ 10 w and the speed at which domes- , 

Butler Newall is one of eight tic demand disappeared at the lesacy of tired and tetty buUt 

or so machine tool builders in turn of the decade was almost ^ ngs , dreadruUy dated 

and around the West Yorkshire too much to bear. production equipment, rarely 


ssarsMsssiE sffLtrtn psww™ sarstaTTkas 

siHisar mS'sssmssrA ssw zssswsrzgi sis 

wmpames that kept the ^ faSo^s. machine tool sector in the UK. groups of businessmen, the for- many 

nal. door and 9x0 Profite remain marginal for a To put Halifax in perspective, mer with the assistance of the compa 

mm£^rara e ^ e «^ n « V ^« j 51111 shaping metal cany the number of companies and a the combined turnover of about West Yorkshire Enterprise ■ in a si 


But we are typical of 


that it stayed in business as 
a maker of large milling, drill- 
ing and boring machines. 
Marke opportunities do 


British manufacturing sometimes open up for machine 


environment However, the t o be worrying, 
strains of doing so are only too The companit 

Visible. sunrlvn) cnraslr 


evident 


know that they have shrunk so expected 


The companies which have much that another severe races- from the factory Yamasaki of mac 
survived speak of much less sion might push them over the Japan has opened In Worcester, fax. 


marketing, brink. Half of the companies 


To put Halifax in perspective, mer with the assistance of the companies In that we have been tool companies. Much depends 

the combined turnover of about West Yorkshire Enterprise ' in a survival position. We have on Jiow they react to them. 

ise of fragility is still £30m for machine tool building Board. had to neglect any expenditure Mr Bin Ruddock, Asquith 

Some manufacturers in the town is smaller than the Butler Newall, part erf the that was not necessary fOrto- finmee director, says: We 

expected full-year turnover B. Elliott group is the biggest day’s survival, says Mr Dodson, could bubble along as we have 

from the factory Yamazatd of machine tool company in Mali- "Over the past. two years we done in the past. Or within 

Japan has opened in Worcester, fax. Half its £16m turnover have started to redress the three years we could double 


Cited as a classic example of insularity, better marketing, brink. Half of the companies The Halifax industrial comes from the Halifax opera- balance but we still have a five our turnover, 
how slices of British manufac- some profit-making and a good are shadows of what they once museum records the start-up of tion, the rest from its plant at or six-year legacy to make up. Managers at many of the 

taring went into near-terminal deal of optimism, at least for were. 303 engineering companies in Keighley, a - few miles away. Our competitors have not been other H a li fax companies would 

decline through the shock of the next couple of years. One, perhaps surprising, and around the town in the past ' Along with Boxford and Den- . standing stiff." probably echo that uncertainty 

a thousand self-inflicted wounds, Mr Frank Berry, head of the development has been the 130 years of which 27 remain, ford It is helping to keep Hall-' The company is investing about the future. 


a thousand self-inflicted wounds, 


an ding stiff.” probably echo that uncertainty 

The company is investing about the future. 


By Our Financial Staff 

THE Life Assurance and Unit 
Trust Regulatory Association 
yesterday applied formally to 
the Securities and Invest- 
ments Board to be recognised 
as one of the flmm«-tai ser- 
vices industry’s watchdog 
bodies. 

Lantro is se eking to become 
a self-regulatory organisation 
to police life assurance com- 
panies and unit trust manage- 
ment groups. It Is the last 
such body to submit its appli- 
cation to the SIB. 

The move means Lantro has 
finished writing the draft 
conduct of business rules 
which, it will require its mem- 
bers to follow. 

The SIB said It had 
received copies of the rule- 
book, which Lantro plans to 
publish within the next two 
weeks. 



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• 


EwaScial *&&& Wsdafisdap Sqptenites 2 1887 


SCIENCE BUDGETS 


' - David Fishtaek examines the implications of rules set out in a recent white paper 

Sacred cows of research begin to feel the big stick 


Company Notice 


the fuss over the UK’S deci- 
sion to freeze spending on specie 
research- is- af oretaita el m any 
.public' confrontations to come 
as the science community ad- 
justs to rules set- oat da- the 
Xecent white paper oh ayh. re- 
search and development : 

The British National Space 
Centre may . or may not have a 
role in the re-organised rfr 
sear ch and development struc- 
ture but it is certainly' not an 
economic high priority if lndu%- 
pry’s readiness to Same to fts 
aid is any yardstick - 

Leaders of the science com- 
munity have already Identified 
other areas Qflug sEtesce** Jhas 

they mayfind 

pig for survival as they come 
to terms with the harsh econo- 
mic facf fhit, as g nation which 
pays for oiriy 5 per cent of the 
research b£mg~done worldwide, 
Britain" eari ho longer expect 
to be in the forefront of every 
science. . . . 

nomy are two sacred cows which 
may have to be cqftallpd or 
even kfflpd if their prac^tiqir 
ers cannot do so las expen- 
sively but both have powerful 

fence; ‘ "■ ■ ' . 

Another high-risk grea is 
civil research "* Into nuclear 
fusion. The £2LSgri which the 
Energy BeM 2 $m$Dt is pending 

tMs year cm rose arch to codtrtl 
nuclear iiisioiM&e * H-bomb 
reaction — as a sew source of 
energy is Jwtod to come juufeF 
closji ^crixtigy. 

A report by the Government’s 
energy research advisers gives 
fusion no 'Chance ' of raDtcibirf- 
ing to' the economy, in the opgt 
40 years. They rank k tanogg 
the least likely prospects m me 
gbrija-yfeay R and D Rflrtfplis 

respected -'worldwide. “ What it 
isn't & an energy technology/* 
says Sr John Rae^ chief scientist 
at the Energy - Department 
which pays most of the naStfn's 
fudoa R and D bilL . 

Research raws as and 

costly as these have long 
learned how to .fight for their 
particular corner — witness the. 
fuss made by astronomers over; 
abandoning the elegant frit 
expensive and sdehtificiuy uq?' 
suitable Herstmopceaux observa- 
tory last year. / 

Professor Sir David Phillips, 
chairman of the Advisory Board 
for the Research Councils, 
warned Ilf ihor6~fr&UbFe' ahe ad 


yfk&k hp ^ghnritted tq govern- 

©bo&sfie ‘ (Snges ^H science. 
"Not surprisingly, not every 
member of the board supports 
every iraiiridiJ^ fpcommenda- 

tiqn." he s^d. . 

The essence' <a this report is 
to be finmd in its randusioD 

S t “ thesis a&cR o? purpose- 
wfionally, m the 
eployment. at university re- 
search effort, -ooth between and 
yithin 

ga® ts 

by fhrpfe^or -William Ip^wil, 
Safrman of the' Science and 

Tj’r.gfwttoi-iTig ^">1^1 

which is responsible for half 
file total 'science budget of 
about £ 600 m, being spent by 
the five research councils in 
Support pf. academic science. 

~ in an addtass tp the^Boyal 

leSne^’ the twM^pressujfes"bii 
science which ' dfcfide ' that 
things sbnpbr gaariot continue 
m th«y §*$• 

One is technological — the 
silicon chip. Hie. other is 
toddtagicaf— -society's demands 
that the expensive pastime of 
setonep . shall csntvftwta to 
wealth ereat|on.. 

. •- -The chip, he argues, is 
forcing much more than an eyo- 
tttiomry change in what 
s^epti^s- of qll kigds expect 
fropi 'their' instruments. It is 
respo&siBle for i' step change 
IB ish# PM. b£ measured— to 
accuracy, purity and resolution 
IrSf hrapph ® £ setpoie. " 
Not paly 'vociferous physicists 
^ every discipline 
— -chemists, biologists, geolo- 
gists, pathologists— now demand 
the Jiighly-sophisticated . and 
expensive scientific tools being 
designed around the latest 
chips. .Without them, scientists 
cannot hope to be at the fore- 
front of their science. Worse 
ttiP. there is m end in sight 
to. this trend. 

As tor Health wpstiflp.. this 
pressure has always been 
pfeseSF “ BuT perhaps mo re 

irfettftghg pressure <m setaqce 
and technology to malntain and 


and technoloev to math tain and 

Shance wiat'.wie know as me 
<?f life.” 

- What - is £0W seen as the 

^pmtnai proposal for engineer- 

S ' g chspse m British spiepra is 
s nptiftp of J|ey inter^iapi- 
filhawy research centres, as con- 
duits - through iphlch an 
Increasing' volume of research 

funds will be channelle d into 

Kffl SmK UdMOOSTAiffiGi 


HP: 


fatf 


-- vr-i 


v 1 

Ik 







M 





Sir Frauds Tombs fleft) chairs the Adylroiy Gpnnfdl « 
Science and Tcdnudgsy, which "reports to John Fqtrdought 
***** ^ (^^^fsAlef scientific advisor. ' 


stty campus, with directors hav- 
ing tiie status of a department 
EeStL Good links with industry, 
and ideally some extra incomp 
from industry, will be ap 
important goal. 

As the research councils see 
them, they will have a say in 
appointing directors, while 
most of the research done by 
the new centres will be under- 
taken by visiting teams of 
university scientists armed with 
research council grants to par- 
ticipate in the research prq- 
gratnnle. ~ 


• This^ announ cement appears as a matter of record only 

THE PORTUGAL FUND LIMITED 

Issue and Placing 
- of 

4,000,000 Participating Shares 
at US $10.58 per Share 
by 


HQARE GOVETT 
UMTTED 

LLOYDS ME RCHA NT BANK 
LIMITED 

UNION BAN K OF SWI TZER LAND 
(SECURITIES) LIMITED 

PHILLIPS & DREW 
LIMITED 


August, 1987 


UK BANKING 

.fie Financial Times proposes to publish the above Survey 01 
MONDAY SEPTEMBER 21 1987 

for further information regarding advertising in this Survey, 

contact: 

v v ' DAVID REED 

V Hnandal Times, Brachen House, 10 Cannon Street 
London EC4P 4BY 
fii: 01-248 8000 Telex: 885033 


suing this initiative. One idea 
with the backing of the Medical 
Research Council and several 
pharmaceutical groups seeks a 
centre' for 'research on 'more 
selective delivery of drugs, free 
from the side' effect* ' "which 
cramp many uses today. 

"The conspicuous difference 
about all these new research 
centres is that the target ratiier 
fhttn the tool-r=tofoscQpe or wbxt- 
even-rwiil be the cynosure of 
the research programme. They 
will be set up foe a finite life- 
span of'^wut a decade, then 


The 

Financial Times 
proposes 
to publish 
a Survey on 

INDIA 

on October 15 
to commemorate 
India’s 40th 
Anniversary of 
Independence 

Subjects to be covered 
in this Survey indude: 

POLITICS 

Political development 
of India dominated by 
Nehru dynasty 

TECHNOLOGY 
Foreign collaborations 
and development of 
electronics industry 

PUBLIC AND JOINT 
SECTORS 
Features on steel, 
stockmarkets, 
telec ommunicatio ns and 
. banking 




The current state of 
the economy 

FOREIGN AFFAIRS 
Likely developments as 
leader of non-aligned 
movement 

For information.on 
advertising in this 
Survey, contact: 

Area manager 
Southern Asia 

HUGH SUTTON 

Financial Times 
Bracken House 
10 Cannon Street 
London EC4P4BY 

Tel: 01-248 8000 
ext 3238 


will respond to society’s The Science and Engineering 
pressure by focusing "on Research Council has already 
*' strategic ” science, which Pro! invited ' proposals for seven 
Mitchell defines" as research prospective inter •^Jlsoipiipary 

applicable ip the meditop tom research centres, ' ^cln^ag two 
— gye to IQ years. op the electronics and power 

They "will have no commit-: WPPCta .of 
mJpf to the cuirent generation temperature ceramic super- 
af instruments, including tele- conductors, 
scopes, accelerators and beam Others are propped for 
g en erators, whieh absorb so molecular science, which may 
much " of the science budget, hold the key ' ‘to a generation 
They will be ‘built around of micro-electronics beyond the 
instruments designed to tackle silicon chip; and lasers as high- 
a ^raiegic feseardj' phallenge speed' manufacturing fo^s. 
that straddles thp ponventional Proposals are solicited by foe 
boundaries of science; aid infer? end of next monfo. 
dfscifilnaxy challenge. ' The" coundl ^ys it h^es to 

’ Ar the Gabinet Office they find enough funds sr- say, film 
talk of several dozen of to £2m apiece — to set UP 
these inter-discipliiaiy research three a year for the next two 
centres 'rejuvenating the science or three years " but other re- 
scene. w-apft w£U be on a unlver- search councils are also pur- 

- --- ~r~7 — hv __ — 

*We like the resfru e tn i ing but where is the Jolly V 
rr=fATd Darntgii, a past president of the British 
Association, at the anneal eoaference in Belfast 
last week 


abandoned, hsvfog either 
succeeded or failed in tW= 
mission. 

They wifi concentrate 
research in areas where' at pre- 
sent ff is too. widebrawpersfid 
and’ too (meagrely shpported'fo 
compete " hueniatioaally. A 
specific study af reseafeh te 
geofogy £hd^ Britaiu’s'acadenuc 

reaeas¥h' is spread among 54 
departments of 41 different 
institutions. Far from being 
pecuMar to this sector o£ 
Science, the pattern is cow seed 
ks typicM of tiie experhuehtal 
^dentes "bt foe raunfiy.' 

Not only the reseach cwmefls 
will pick targets lor foe' new 
research centres: so will the 
Advisory Council on Science 
and 'Technology, under foe 
chairmanship of Sir Francis 
Tombs,' chairman " of ‘ Rolls- 
Royeej Yflucfi by any UK stan- 
dard is a research-based com- 
pany with its own strong links 
With the academic world.' 

The council, in turn, will he 
advised by a new think-tank, 
the' Centre for Exploitable 
Areas of Science and Tech- 
nology, part-staffed, It is hoped, 
by 'people seconded from indus- 
try.' 'A director and a suitable 
home op a university campus 
are befog sought. 

The council is a mixture of 
eminent academics such as Sir 
George Poster, Nobel nrize- 
wipxung chemist and president 
of foe Royal Society, and indus- 
trial yeseaicji directors "such as 
Dr Charles Reece of l<3 and 
Dr Alan Budge of British Tele- 
com, Mrs Thatcher will some- 
times take foe chair, toys Sir 
Francis. 

The council reports to Mr 
John Falrclaugh. Mrs Thatcher's 
chief scientific adviser in the 
Gab met ‘ Office, ana * principal 
architect of the attempt to re- 
organise science. is ah 

•ipctricpl engineer with an im- 
pressive track record In man- 
aging the application of science 
for IBM— -“making money out 
of technology,*? as he says. 

Neither foe Cabinet 'Office 
nor 'th'e council itself yef has 
any extra funds ’ to offer iu$- 
poverished scientists 8qt Sir 
Ffaneis expects the' council to 
identify and agree on' those 
sectors of srience'whicK ‘Britain 
shqtffil ' abandon, ' releasing 
funds for redeploymrat' ' on 
hewer, more promising targets. 

Never before has British 
science and technology as a 
Whole hid' a mechanism for 
deciding priorities. Those who, 
in foe 'ptot have dug deepest 
Info what US scientists cd} the 


pork barrel wQl In future he 
obliged to argue their case 
before perns wifo quite differ- 
ent priorities. 

The rauncil's precursor, the 
Advisory Council for Applied 
Research and Development led 
by Sir Francis for foe past two 
years, increasingly won the eqr 
of the PAL he toys, but she was 
persuaded that the only 'person 
who could uni|y the traditional 
independent control exercised 
by WSftehaM’s departments over 
their own S and 2>. budgets, into 
a national " management for 
science," was herself- A Ministry 
of Science woufo merely have 
created set another department 
righting for its own comer.' 

At laboratory level, most of 
the fog problems relating to 
wealth cruatfoii and quality of 
life' are Inter-disciplinary, min- 
gling 'pfcy'sics, 'chemistry, 
filolagyoad engineering. But in 
Sir Francis's experience, tar 
from collaborating most British 
professors fight ferociously for 
their own specialties, heedless 
iff any wider interest 

Space science to providing a 
gopd ‘ example, with energetic 
efforts by its proponents to whip 
up popular’ feeling for some- 
thing me council fc expected to 
rank low fo national priority. 

M Future launcher technology 
— Hotol in particular ■ — is a 
Vital area where our present 
posture leaves "us without any 
power to influence the direction 
of European development,** says 
Professor Peter 'Willmore, pro- 
fetoOjF of " space research qt 
Birmingham University. 

“ Botol is just a glamour 
thing — a total red herring,” 
reforts Sir Ftrancis, of a'Brltjsh 
apace launcher concept In which 
Rolls-Royce, dis own company Is 
involved'. 

" Hotol Is costing peanuts ” at 
present and remains unaffected 
by the govenunent’s decision 
not to expand the space 
research budget, he toys. 

' 'ff'njfoat is clear is that, If we 
Support Alvey 2 and Gibson’s 
j^»ce programme, ’there' is not 
gdfog fo be miwfo wwtey left 
for anyone else.” Yet both of 
these research programmes. Sir 
Francis points outr are for tiie 
benefit of prosperous sectors of 
British fodudtry. 

” Mrs" Thatcher haq already 
expressed' her disappointment 
that although Britifo companies 
have returned to hi^) levels of 
profitability under bee govern- 
ment, (indnstry has not been 
willing to -invest morp iff those 
profife an R’aod D" 


MOET-HENNESSY 

APranch “ aoctotooooityroa " 

Be gi ato rod office 90, ovoRHe Hoch-7S0Q8 PARK 
Beglstoreti ertth the iffitiw *>ecoroorceetdy eeciiffie 
" ■ mdse wie Mto PARES B 775 570 417 


The following resolutions were submitted to and adopted^ foe 
onflnary general meeting' of the hoW§rs of the US550.(XX) 000 7% 
convefttote bonds due 1999 of MOGT-HENNGSSY held," on second 
convocation by foe Board of DifecttXB, at tQ.30 aca on 24fo Augu«. 
1®7. at foe Company’s pa^sforad Office at 30, avenue ftoohe-75008 
PABB-" 

FBtSY RESOUTOOM 

Having heard foe report of foe Boa^rd ri Directors and having noted 
foe resoluttons tilbmltted to foe exiraorcSnary general meeting of the 
shareholder, called oh 25fo August, 1QS7, and failing to attain foe 
tocwir^ quorurn. postponed until 2nd September. 1987, deafing wtfo 
takeover by MOET-HENNESSY after merger with LOUJS VUmON of the 
tetter's obligation s under foe convertible bond issue launched In 1986 
rad foe foare option pfon started In 1984 in favour of its own staff and of 
employees of its subsidiaries. 

This takeover inctocfing foe waiver by foe shareholders of foefr 
preferential rights to subscribe to tiiares to be issued as rad when 
fop bonds are converted and the options exercised. 

The ordinary general meeting of bondholders approves in 
advance, subject to their approval by foe above extraordinary 
general mooting rtf shareholders, resdutjons rofatiog fo foe waiver 
by the shareftcwlers of foefr preferential subscription rights to foe 
two cases specified above. 



ILOMl ALPHA STRATEGY 
FUND 
SICAV 



PERSONAL. 

PENSIONS 

The Financial Times 
is proposing to publish 
this survey on 

22nd October 1987 

Subjects to be discussed 
include: 

A description erf 
contributions, benefits, 
tax treatment 
A review of personal 
pension providers 

(a) Life Companies 

(b) Banks 

(c) Building Societies 

(d) Unit Trusts 
The position of the 
self-employed 

For a copy of the full 
editorial synopsis and 
details of advertising rates 
please contact: 

Brian Kelaart 
Financial Times 
Bracken House 
10 Cannon Street 
London EC4P4BY 
Tel: 01-248 8000 
extensions 3266 or 4181 
Telex: 885023 

FINANCIAL TIMES 
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Newspaper 


Dependability. 



Makes Cast 

the container operator of choice 
for many of the world’s major corporations. 



The Blue Box System of Container Shipping 


- ; v- * ' - • • 
. ; V- . ' 





14 


Financial Times Wednesday September 2 1987 


APPOINTMENTS 


CONTRACTS 


Davy /Monk restructured 


In October 1986, as the result 
of an agreed merger, MONK 
became a member af the Davy 
Group of companies, and has 
now been restructured into three 
companies. A Monk Building A 
Civil Engineering will Consist of 
all the existing regional organ- 
isations, management contract- 
ing, plant and transport, and all 
other central service functions 
primarily related to the existing 
contratcing operations. The 
mana g in g director will he Mr 
W. A. Lucas and other members 
of the board are Mr T. R 
Burdett, Mr G. A. McPhle, Mr 
J. T. K. Redman, Mr E. J. 
Shields, Mr A. Tweddle, and Mr 
M. R. Vest. Mr Tweddle win 
become responsible for the Mid- 
lands and South East region and 
Mr Vest for the Cardiff and 
Exeter offices. Davy Monk 
Property will consist of all Davy 
and Monk property and land, 
property development and pri- 
vate housing. The managing 
director will be Mr P. E. Balm- 
forth. Other members of the 
board will be: Mr G. L. Carswell, 
Mr J. Hickman. Mr I: A- Sarik- 
son and Mr H. Kendall. Mr 
Balmforth will remain chair- 
man of Pentagon Design and 
Construction. Mr Sankson will 
remain a director of Pentagon 
Design and Construction, and 
IFS. Davy ATC will comprise 
the existing ATC and Monk 
Tunnelling activities and will 
include collaborative mining 
developments with Davy McKee 
(Stockton). The managing direc- 
tor will be Mr M- C. Clarke and 
other members of the board will 
bge Mr A. B. Co Hinson, Davy 
McKee (Stockton), Mr C. A. 
Tibbie and Mr G. W. Toffs. At 
Central Marketing and Davy- 
Monk Liaison Group Mr C. W. 
Olicver will be responsible for 
liaison with Davy companies and 
new marketing activities to be 
established at Warrington. He 

will continue as a director of 
Industrial Flooring Services. A. 
Monk and Company group board 

will consist of Mr M. XL Couch- 
man as chai rman and mana ging 

director of the group board and 
chairman and director of the 
individual group companies. The 
group board will have the 
following membership: Mr Balm- 
forth, Mr Clarke. Mr J. E. Corps, 
Ur Lucas, Mr McPhle, Mr E. P. 
McTighe. Mr J. T. K. Bedman, 
Mr E. J. Shields and Mr R. J. 
Withers. Mr Sankson will be 
secretary to the board. 

★ 

Mr Andrew Hirst, formerly 
regional director of National 
Westminster Bank, has been 
appointed chairman of GARDEN 
ISLE FROZEN FOODS. Mr 
Philip Dyer, chairman since 1972, 
retired at the end of August 
•k 

Hr Paul E later, Mr Barry 
Foreman and Mr Angus Hamil- 
ton have been appointed to the 
board of GROSVENOR SQUARE 
PROPERTIES DEVELOPMENTS, 
principal development subsidiary 
of Grosvenor Square Properties 


Group, part of Associated British 
Ports Holdings.^ 

Mr John Plumb, manag in g 

director of Johnston Pipes, Tel- 
ford, has been elected president 
of the CONCRETE FIFE 
ASSOCIATION. His first vice 
president is Mr John M arshall, 
sales director of Spun Concrete 
at Branston, and Mr Vlv Harper, 
financial director of Stanton is 
the second vice president. 

* 

Mr Malcolm Edgell has bees 
appointed to the board of 
DOUGLAS LLAMBIAS ASSOCI- 
ATES as an associate director. 
He will continue as head of the 
industry and commerce division. 

Sir Douglas Wasa i a to be come 
president of xHE MARKET 
RESEARCH SOCIETY in succes- 
sion to Lord Kearton. Sir 
Douglas, who was permanent 
secretary to the Treasury and 
joint head of the Civil Service 
before he retired. Is chairman 
of Nomura International and of 
Equity and Law. 



Mr Alan Dalby, who joins the 
Reckltt & Colman board. 

Hr Alan J. Dalby has been 
appointed a non-executive direc- 
tor of RECKTTT & COLMAN. He 
is currently president and chief 
executive of Cambridge Neuro- 
Science Research, Inc, of Massa- 
chusetts, a privately held 
research company specialising in 
neurobiology. Prior to joining 
CNS Research in early 1987, Mr 
Dalby was executive vice presi- 
dent and a member of the board 
of Smith Kline Beckman respon- 
sible for world-wide pbarmar 
ceutical operations. Mr Dalby is 
also a director of Westmoreland 
Coal Co, America's oldest inde- 
pendent coal producer. 

★ 

Mr ‘ David Tate has been 
appointed a director of BAR- 
CLAYS DE ZOETE WEDD from 
September l. From the same 
date Mr Leslie Johnston becomes 
an assistant director of de Zoete 
A Sevan. 

* 

FERRANTI COMPUTER 
SYSTEMS has appointed Mr W. 
Broekhulzen as deputy managing 
director responsible for the 


Cheadle Heath and Bracknell 
divisions. In succession to Mr 
B. A. Nolan who retires in 
September. Mr Broekhulzen is 
succeeded as general manager of 
the Qteadle Heath division of 
Ferranti Computer Systems by 
Mr C. B. Shfel who was manager 
of the sonar systems department 
★ 

ERNST & WHINNEY has 
appointed Hr Richard Abramson 
its head of group pensions and 
actuarial services. He joins from 
Bacon A Woodrow Consulting 
Actuaries, where he was a 
partner. 

■k 

The following subsidiary com- 
pany board appointments have 
been made by the AUTOMOBILE 
ASSOCIATION: at AA Insurance 
Services Mr R. B. M. Hurley 
has become manag in g director 
and Mr G. H. Lowe a director; 
AA Pensions Trustees and AA 
Executive Pensions Trustees has 
made Hr R.D. Vaughan a direc- 
tor; AA Pension Investment 
Trustees has appointed Hr E.E 
Garslde a director; at AA Travel 
Services Mr K A Hoskins and 
Mr A. D. Jonhson have become 
directors; AA Developments has 
appointed Mr D. B. Thomas a 
director; and AA Commercial 
Insurance Brokers has elected 
Hr D. J. HUdleston a director. 
★ 

Mr Cor B*>ghgrid has been 
appointed managing director of 
McALPEVE HELICOPTERS. He 
was marketing director of Schrei 
ner Airways of Holland. He takes 
-over from Mr Joe O’Neill who 
returns to HcAlplne Aviation at 
Luton. 

★ 

Mr John Rodgers, formerly 
sales manager at PLF COMMU- 
NICATIONS has Joined the 
board. Mr Rodgers’ special res- 
ponsibilities as director will 
include the Control of the sales 
team and elements of the day- 
to-day nmning of the company. 

Mr A. D. Stevenson, chairman 
of Grimsby based fish processor 
Seabay, has been appointed to 
the board of its parent SJOVIK- 
TKAAL. 

★ 

Hr Brian Leith has been 
appointed divisional director of 
the urban renewal division of 
BARRATT SCOTTISH HOLD- 
INGS. He joined in 1981 to work 
as chief surveyor for Barrett Con- 
struction. Mr Leith moved to the 
urban renewal division In 1984 
as technical director. 

★ 

Mr G. EL Weston, chairman of 
Associated British Foods, states 
that, by mutual agreement, Mr 
Geoffrey K. John has retired 
from the board to take up the 
chairmanship of the MEAT AND 
LIVESTOCK COMMISSION. Mr 
John has been a director of 
Associated British Foods for five 
years, serving as chief executive 
of Allied Bakeries, and latterly 
has been responsible for certain 
aspects of group planning and 
corporate development. 


Hawker Siddeley wins 
Malawi substation order 


A £4m contract has been 
awarded to HAWKER sid- 
deley power engineer- 
ing (HSPE) of Burton on the 
Wolds in Leicestershire, by the 
Electricity Supply Commission 
of Malawi (ESCOM). The order 
Is for a 132 fcV/11 kV sub- 
station at Nchalo and additional 
132 kV feeder bays for stations 

at Nkida, Lilongwe and S a lim a. 
HSPE will provide design, 
supply, erection and commission- 
ing services, Including the civil 
works. Equipment being supplied 
for the contract by other 
Hawker Siddeley companies 
includes eight DM145 circuit 
breakers, 132 kV current trans- 
formers and an 11 kV switch- 
board suite from Brush Switch- 
gear. Transformers will be 
supplied by Brush Transformers 
and isolators from the South 
Wales Switchgear range. 

The substation development 
project will interface with two 
transmission lines, one being 
provided by Balfour Beatty Con- 
struction. The lines will run 
from Nkula Falls hydro generat- 
ing station to Cucoma in the 
sooth and Lilongwe in the north 
of Malawi. . 

The offshore portion of the 
project is jointly financed by a 
UK Government AM Grant and 
an associated ECGD supported 
loan facility arranged through 
Standard Charter Merchant 
Bank. The local onshore 
currency element Is financed 
from ESCOM’s own resources. 
rnmwiqa n nin jf is scheduled to 
take place in 24 months. 

★ 

Contracts totalling over f?.3m 
have been awarded to WALTER 
LAWRENCE. Among these are 
— three-storey flats for the 
elderly In Ravenscaurt Avenue, 
London, NW11 for the Brith 
Housing Society; a sports hall at 
Aldenham School, Elstree for the 
Board of Governors; offices for 
the PSA in Peckham High Street; 
a new bank In Gravesend for 
Barclays Bank; extension and 
structural alterations at Univer- 
sity College Hospital, WC1 far 
Bloomsbury Health Authority; 
refurbishment In Mount Row, W1 
for Sleipner UK; sheltered 
accommodation In Gravesend for 
St James Pritchard; day centre 
and church hail in Twickenham 
for the London Borough of 
Richmond upon Thames and a 
refurbishment of Peninsula 
House, Momment Street In the 
City for a loading Japanese Bank. 

For the Arrowcroft Group. 
Walter Lawrence win convert 
and extend a building, previously 
occupied by the Coop in the 
High Street, Brentwood, Essex, 
to provide Individual shop units. 
This £540,000 contract will be 
com pleted by December. Ardex 
UK has appointed the company 
to cany out a design-and-bulld 
contract at Haverhill, Suffolk. 
The £650,000 office bonding and 
technical services area win be 
used for demonstration of the 


company’s products, 
tion will 
1888. 


Construe- 
be" completed in March 


WIMFEY CONSTRUCTION UK 
has contracts totalling some fikn. 
In Southampton, work has 
started on a retail warehouse 
and amenity area, for Harris 
Queensway in Winchester Road. 
The single-storey warehouse, 
valued at £L42m, will have a 
steel frame with reinforced con- 
crete ground beams and power- 
floated in-situ concrete floor slab 
on piled foundations. Wimpey 
has been appointed by Newbury 
Park Construction o design and 
build a £2,5m joinery xnanufaenr- 

Ing works, warehouse and three- 
storey office accommodation 
including an apartment an 
board-room, on Medway City 
Estate, Frindsbury, Rochester. 
The 10,500 sq metres develop- 
ment will be built with a struc- 
tural steel frame, brick-and- 
block cavity wall, in-situ con- 
crete ground floors, and precast 
concrete upper floors on pad 
foundations. Work has started 
for completion in May 1988. 

A £L7m contract has been 
awarded by Glengate Holdings 
and Kumagai Garni UK to con- 
struct a town centre shopping 
scheme in Folkestone. The fully- 
enclosed centre, the first in the 
town, will provide 6^60 sq 
metres of retail space on a one- 
acre site and will link West 
Terrace and The Leas with 
Sandgate Road, the town’s main 
shopping area. Overall, it win 
Include 24 shops and a restaurant 
and will open for trading at 
Whitsun 1988. The work will 
involve refurbishment of 81-83 
Sandgate Road to provide retail 
accommodation, an entrance to 
the new enclosed centre with an 
office and residential flat above. 
The contract includes decorative 
tiling to the Mall floors, sus- 
pended ceilings and comprehen- 
sive mechanical and electrical 

* 

SOLID STATE7 LOGIC, Oxford, 
has a contract worth over S2m 
(£L22m) with Todd-AO/Glen 
Glenn for the delivery of 
eight SL 5000 M Series film 
sound production consoles 
between October 1987 and July 
1988. The consoles will work to 
video, film, and 21n audio in a 
variety of formats including 
mono, twotrack stereo-for-video, 
four-track stereo and six-track 
stereo. 

★ 

HAMWORTHY ENGINEERING 
combustion division has been 
awarded a turnkey management 
contract valued at over £2m to 
modernise the boiler installation 
in the turbo blower house at 
British Steel Corporation’s Sooth 
Ironworks at Scunthorpe. 

* 

A film contract to build an ex- 
tension to increase British 
Aerospace's production area for 
Airbus wings at Chester has 
been awarded to HEDROW 
CONSTRUCTION. 



securities in Kstson pJ,c.Ttte Company'), 

Apptication has been mode to the CouncS of 


annas Deep made to me c ounce or ina ^ nnrvMSlfK i acauattion of 

Group! to be admitted to the OffioelUsL 

Ketson p.I.c. 

(formerly GJanfield Lawrence p.I.c.) 

(Incorporated and registered in England No. 42603) 

Placing by 

Robert Fleming & Co. Limited 

in conjunction with 

Anderson & Co. (Stockbrokers) 

of 

1,929,752 new Ordinary shares at 12 Ip per share 
In connection with the acquisition of 

The Hampton Group 


Authorised 

£3,250,000 

£150,000 


SHARE CAPITAL 


Ordinary Shares of 25p each 
Preference Shares of £1 each 


Issued and to be 
issued fuBy paid 
£2,467,377 
£150,000 


Listing P&rticuiara relating to the 1 ,929.752 new Ordinary Shares lobe Issued in connection 
with the proposed acquisition by the Company of the whole of the issued share capital 
of The Hampton Group (“the Acquisition") are available In the statistical services maintained 
by Extel Ffrianrial Limited. - 

Resolutions to approve, inter e&a, the Acquisition and the introduction and amendment 
of share option schemes wBI be put to shareholders at an extraordinary general meeting 
of the Company convened for 7th September, 1 987. ... 

On 13th August, 1987, the existing Ordinary Shares of the Company were sus^dod at 
the Directors' request pending completion of the Acquisition, ft is expected that dealings 
in the new Ordinary Shares to be issued pursuant to the Acquisittonwni commence, aw 
that dealings in the existing Ordinary Shares wffl recommence, on 8th September, 1887. 
The second dstributor to the placing was Lb Mare, Martin Douglas & Eykyn. 

Copies of the Listtog Particulars are available few collection only during usual business 
hours from the Company Announcements Office, The Stock Exchange, London EC2P 2BT 
until 4th September, 1 987, and may be obtained during usual business hours on any 
weekday (exducfing Saturdays} up to and including 15th September, 1987 from the 
registered office of the Company at Expedier House, Portsmouth Rood, Hindhead, Surrey 
GLI26 6TJ, and from: — 


Robert Fleming & Co. Limited, 
25 CopthaU Avenue, 
London EC2R7DR. 


Anderson & Co. (Stockbrokers), 

62 London Wall, 

London EC2R 7DO. 

Dated 2nd September, 1987 


OFFICE PROPERTY 

The Financial Times proposes to publish this Survey on 

FRIDAY SEPTEMBER 18 1987 

For further information contact: 

Jonathan Wallis on 01-236 2825 or your usual 
Financial Times representative 

FINANCIAL TIMES 

EUROPES BUSINESS NEWSPAPER 







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15 


Financial Times Wednesday September 2 1987 



c£ 40 , 0004 - benefits 

The rapidly expanding and highly suc- 
. cessful M&A division of: a US securities 
bouse is interested in recruiting a high 
calibre corporate financier with a mini* 
mum of two years’ relevant experience 
gained within a UK merchant bank or 
broker.. 

The emphasis of the , role & on the 
initiation rather than documentation 
of deals, and it therefore presents a 
creative 'and challenging opportunity 
■ for the right individual. 

Interested applicants should contact 
. Lindsay Sugden ACA on 01-404 5751 
or mite to her ax Michael Page City, ' 
39-41 Parker Street, London WC2B 5LH. 



How membership of the elite is maintained 


BY MICHAEL DIXON 


WHAT EXPLAINS the econom- 
ic drubbing Japan and West 
Germany have given to conn- 
tries such as Britain on the win- 
ning side in the 1939-45 war? 

While the qnestion is old 
enough for numerous people to 
have tried to answer it, almost 
all of them seem to have had th- 
eir particular explanation con- 
tradicted by various of the 
others. As far as the Jobs col- 
umn can see, however, one of 
the exceptions to that rale is the 
economist Uascur Olson. 

His thesis is a variation on a 
familiar theme. With their pre- 
vious economies in ruins, the 
defeated countries had no 
choice but to re-equip them- 
selves with structures soiled to 
postwar conditions which, for 
victors as well as losers, includ- 
ed loss of the captive markets of 
empire. Where ne differs from 
most people who have argued 
along those lines is on the qnes- 
tion of what it was that the war 
did Germany and Japan an eco- 
nomic favour by raining . 

The usual answer Is that it was 
by being forced to replace old 
plant and machinery with new 
that they gained their edgeover 
nations male to cany on using 
obsolete equipment But Profes- 
sor Olson argues that what cru- 
cially gave the defeated 
countries their advantage was 
the breaking np and replace- 
ment of their outdated "old-boy 
networks" - the interlinked elite 
groups whose interests and atti- 
tudes broadly determine what 
can be done by the other citi- 
zens of their society. 

The failure of toe professor’s 


argument to catch on in nations 
like the United Kingdom is per- 
haps less than anariagAwr 
all, he is seeking to purauade 
toe established elites that they 
are not toe appropriate people 
to run toe country - which can- 
not be far behind knocking 
one’s head against a brick wall 
in the league table of self-de- 
feating exercises. 

Moreover members of the 

E resent elites in Britain, at 
sast, can claim that they do not 
owe their dominant positions to 
nepotism. Over recent decades 
they have increasingly been re- 
quired to qualify for entry to 
power-wielding careers by suc- 
ceeding in the public examina- 
tions at 16- ana 19-plus and at 
degree-level, which can suppos- 
edly be passed by anyone with 
sufficient wit regardless of so- 
cial background. 

As it happens, however, re- 
vere doubt has just been cast on 
that claim by research done by 
the UK's Office of Population 
Censuses and Surveys." 

A lot of previous studies have 
shown that many children are- 
never entered for any public ex- 
ams in the first place The 
non-entrants are mostly from 
families at toe bottom or toe so- 
cio-economic scale, and the 
usual explanation for their ab- 
sence from the exams is that 
schools In poor areas are less 
efTectrvethan those in rich dis- 
tricts. The oft failed remedy of 
torowingmore money at state 
education has been abandoned 
by the Toriesfor a combination 
of central control over what is 
taught with free-market mea- 


sures such as liberating suc- 
cessful schools toincrease their 
pupil numbers. It may wort bet- 
ter; it may not 

Done well 

But the Population Office’s re- 
search cut the "ineffective 
schools* issue out of the argu- 
ment The study, made in 1985, 
concentrated solely on about 
5,000 young people who had 
done well enough in the 16 -plas 
exams to go on to take toe 18- 
plus version and so become can- 
didates for entry to universities 
or polytechnics. 

The custom is for toe candi- 
dates to apply for places before 
taking the 18-plus Advanced- 
level test On the basis of their 
applications, references and in 
some cases after an interviewas 
well, the universities and polys 
then make preliminary offers of 
places subject to the candi- 
dates’ achieving certain speci- 
fied grades in toe coming exam. 

The Population Office found 
that the preliminary offers mad- 
eby the institutions showed no 
bias for or against candidates 
from any particular rank of the 
Registrar-General’s socio-eco- 
nomic scale. The ranks, based 
on the job of toe bead of the 
family concerned, are: I profes- 
sional and managerial; n inter- 
mediate; UENM skilled 
non- manual; ittm skilled manu- 
ally semi-skilled; V unskilled. 

Even so, whether or not toe 
candidates were admitted to 
the provisionally offered placed 


depended on the A-level results 
they subsequently attained Of 
toe total of 4,455 who took the 
exams. 12 per cent gained at 
least the two lowest-level pass 
grades which, as a general rule, 
are the minimum required for 
admission to a full-time de- 
gree-course of any sort When 
the 4,455 were analysed by so- 
cial origin, however, the pro- 
portions achieving the 
miriiwinm admission standard 
were as follows: 

Social % attaining at 

class least two 

passes 

Boys: 


job-getting stakes some univer- 
sities start with a distinct lead 
over others. 

Oxbridge 

When a similar analysis was 
made of the candidates in each 
socio-economic rank who 
achieved three A-level passes 
at grades high enough to quality 
for a hotly contested place at 
Oxford or Cambridge, toe result 
was: 

Social % attaining 

class three 

high-grade 


I 

85 Boss: 

passes 

n 

78 ! 

20 

mNM 

71 n 

15 

ITTM 

82 mNM 

10 

IV&V 

® TTTM 

9 

Girts: 

rv&v 

7 

I 

83 GMk 


□ 

™ I 

17 

mNM 

88 n 

10 

TTTM 

62 mNM 

8 

IVftV 

59 TTTM 

6 


But if a young person is to have 
a good prospect of an esteemed 
career, just gy»mng admission 
to a degree course of some sort 
is not enough. Many employers 
still view polytechnic graduates 
as second-rate higher educa- 
tional citizens, and in the good- 


IV 4 V 4 


One possible conclusion from 
the figures, of course, is that 
children of upper-class families 
tend to be generally more able 
than their counterparts below 
them in the social scale. And in- 


deed, if higher and lower A-lev- 
el grades could be seen to 
reflect greater and lesser abili- 
ty to do important work well, 
there could be no sensible ob- 
jection to the fact that the bet- 
ter grades and the associated 
preferred chances of an elite 
position go disproportionately 
to tbe sons and daughters of 
parents who are in elite posi- 
tions already. 

The overwhelming evidence, 
however, is that A-level grades 
reflect no such thing. They do 
not even provide a reliable in- 
dication of the classes of degree 
toe university and polytechnic 
entrants achieve in their final 
examinations three or four 
years later, let alone of their 
relative capability to do jobs in 
the practical working world. 

What is more A-levels. with 
their in-bnilt encouragement of 
scholarly specialisation, have 
been repeatedly blamed by the 
state’s educational inspectors 
and heads or schools of all types 
for imposing narrowly academ- 
ic restrictions on the teaching 
of children in general from an 
unsuitably early age. 

So the A-level examination's 
main positive function seems to 
be to serve like Noel Coward's 
stately homes of England in see- 
ing that the upper classes retain 
the upper hand. Mancur Olson, 
for one, would surely urge us to 
get rid of it 

Young people’s intentions to en- 
ter higher education. RMSO 
£1130. 


Elders 


Associate Director-Credit 

Following an internal transfer Elders Finance Groupis seeking an exceptional 
and well -qu&Kfi6d professional to lead tts London Credit Unit The successful 
candidate will have a varied international banking background, with proven 
credit fiSK analysis, administration and poftey experience, particularly m the 
areas of Corporate Finance and Treasury products. 

A strong professional background must be coupled with equally strong 
interpersonal skills, as the Associate Director; Credit leads a team of five 
- people, advises senior management, ami interacts deity with customers. WO 
are foofcftg for an fhdhriduai with a dynamic, positive commercial outlook 
to assist fri buifcUnjJ business growth consistent with maintaining a sound 
UK/European portfofioi. 

. tfirecjlly.fetofl MStratfoo Psocton.UmEuropept Elders 

Finance Group. 

' Remuneration and conditions reflect our expectation of the position. 

Senior Credit Analyst 

Elders Finance Group is also looking for a Senior Credit Analyst to add depth 
and additional analytical capacity to Its London Credit unit, The candidate 
wHI have at least three years experience hi corporate and bank credit 
risk assessment International experience and computer modelling skills 
are apfam. ... 

For the right ambitious, self starting candidate. Elders Finance Group offers a 
very attractive remuneration package, plus a dynamic career path m marketing 
or administration. 


Written ape 
UK/Europe I 


ations should be addressed to the Personnel Manager, 
aion, 73, ComtiBl, London EC3V 3GQ. 




ELDERS FINANCE 
LIMITED 


GROUP 


ECONOMIST 

Wb are a leading International Securities 
house with A weH-estabfisfaed presence in the 
London market As part of our expansion of 
European research coverage we wish to appoint 
a fiizther Economist to our Research Iham. 

The successful candidate for fins position 



A good fist degree in economics and 
po ssibly a post-graduate qualification. 

Hare a sound understanding of macro- 

economics, international economics, financial 
markets and forecasting techniques. 

Aged mid - late 20’s, file candidate may 
already be working in the financ i al worid. 

The position requires the ability to deliver a 
high standard of written weak. Strong commuci- 
norinns ddflft are also essential as file position wiB 
lead to a hfeh profile with our dient base around 
fhewotid. 

Applicants should send a full CV to: 

P.O. Box RT1000, Financial Times, 

10 Cannon Street, London EC4P 4BY. 


Acq uisition and 
Business Development 


L ong established as one of the 
leading names in retailing, our 
recent success is impressive - even by 
our standards. After a 34% increase in 
pre-tax profit achieved last year 
through exceptional growth, we're set 
to consolidate our position with a 
continued commitment to investment 
and development, the emphasis firmly 
on strategic acquisition and interna/ 
diversification. As a result, our 
Business Development Department is 
growing, both in size and strategic 
importance. 



Reporting to the Director, you will 
manage a small team dedicated to key 
areas of business development and 
acquisitions. Refinement and 
implementation of Main Board 


strategy will involve you in market 
analysis, target identification and 
company evaluation. Working with the 
minimum of guidance, a mature and 
independent approach is essential, 
particularly as your researches may 
take you overseas. 

In your early 30s, you will have 
gained a postgraduate qualification 
(MBA or Accountancy) and some 
experience oF mergers and 
acquisitions, perhaps as a member of a 
‘take-over team’ or in an advisory 
capacity. Retailing experience would 
be a distinct advantage. 



Reporting to a Business 
Development Controller you will have 
responsibility for specific projects and 
business areas, company valuation 


and project appraisals. A qualified 
accountant or MBA, you will have at 
least two years' post-qualification 
experience, and exposure to acquisitions. 
Retailing experience is desirable. 

if you have the forward thinking, 
analytical approach we're seeking you 
will realise that the prospects for the 
future are outstanding, but right from 
the start you'll find the salary and 
package extremely attractive, 
reflecting the importance of these key 
appointments, including company car. 



T E S C O MEANS BUSINESS 



LONDON BRANCH 

requires for its expanding 
Financial Department 

MARKETING OFFICER 
COLLATERAL LOANS 

The Ideal candidate for this high profile position will be 
a successful and accomplished Marketing Specialist, 
30 - 40 years old, with several years' experience in all 
aspects of broker and collateral loans. Specifically; 
applicants should be able to target new clients and 
successfully market the Bank’s extensive range of 
products, as well as beingwell versed in the supervision 
and administration of loan portfolios. The position calls 
for a high degree of commitment and a sound 
knowledge of the Eurobond market. 


In addition to a competitive remuneration package, 
Union Bank of Switzerland offers interesting and 
rewarding career opportunities in a rapidly developing 
organisation. 

please telephone Mr. Ian R eim ar dso n for an Appli- 
cation Form on 01-638-2800 or apply in wrfting to:-- 
Mr. P. J. Conroy, A.I.B. 

Vice President 

. . Union Bank of S witz e rl a nd /# 

117 Old Broad Street London EC2N1AJ 


APPOINTMENTS ADVERTISING 

£43 per single column centimetre 
Premium positions will be charged 
£52 per single column centimetre 
Pot farther information call Q1-S48 8806 
Deirdre Venables ext 4177 
Paul Maraviglia ext 4976 


Financial Consultant 

... for a major financial institution 
in Saudi Arabia 

To £37,000 married status plus substantial benefits 

This Is an outstanding opportunity to join an established professional organisation In 
Riyadh playing a major role in expanding the Kingdom's Industrial base by providing 
finance for the development of the private industrial sector. 

Principal responsibilities of a Financial Consultant will be: 

- Investigating financial performance of projects. 

-Reviewing financial control and management information systems for 
manufacturing operations. 

- Consulting with clients to enhance project performance. 

- Training and developing staff. 

The ideal candidate will be a highly motivated, mature accountant with a minimum of 
two years' post qualification experience in a large auditing firm, and at least five years' 
experience in management and systems consulting Incorporating structured training. 
Hands-on exposure to automated Information systems selection and installation in a 
manufacturing environment would be advantageous, as would knowledge of Arabic. The 
likely age marker is 32 or over. 

This appointment, initially for two years but renewable by mutual agreement, represents 
an outstanding opportunity both for significant involvement in the development of 
Industry on a rountry/industtywide level, and for substantial capital accumulation. 

In addition to a base salary of up to £32/X)0. a guaranteed end-of-con tract bonus and 
discretionary performance-related bonus will be paid free of tax in Saudi Arabia. The 
excellent benefits package (on married or single basis) indudes: free housing - leased 
car - generous leave and leave fare provision - free medical treatment - children's 
education allowances and student travel benefits- first class recreation facilities. 

Interviews will be held in London in late Oaobetfearly November. Please reply with foil 
curriculum vitae, induding current compensation level- List separately organisations to 
whom your application should not be referred. RJ Wortley, ref. 8.1 243/9 

MSL latBrtatfoaal (UK) lid, 

POgrtui Hovse, 2/6 WflUam Street, Windsor, Berks SL40BA. 
OgkstaEvnsKfaAnmn&AiienlefiSRJAdafiitfa. 



MSL International 

\ HB 







,:r 


Financial Times Wednesday September 2 1987 


PRIVATE CLIENT 
EXECUTIVE 

The opportunity to develop your career in Private Client 
Management with an investment Firm of outstanding merit 

This position will be attractive to candidates TheCompany has a fine reputation for the 

who have gained at least two years' experience qualityof its services. It has a global 
in a professional investment management investment capability, an outstanding 

environment and are now looking for the performance record, an extensive range of 

opportunity to havedirect responsibility for funds and an unbureauoatic structure and 

very high level discretionary Private Client style Its growth rate since its inception four 

accounts, both in the UK and internationally: years ago has been spectacular and future 

You are likely to be aged 25-30. have a degree career opportunities for entrants with energy; 

or professional qualification, possess excellent skill and commitment are excellent 
interpersonal, communications and administra- The compensation padcageoffered is 

tive skills, as well as a good understandingof designed toattractcandidatesofthehighest 

international investment matters. Your work calibre. If you would like to be considered, 

wii! involve considerable contact with clients please write in confidence to. John Sean and 

and their representatives, sometimes abroad. Associates, Executive Recruitment 

and regu lar liaison with the Firms Fund Consultants, 2 Queen Anne’s Cate Biddings, 

Managers You wiJI be expected ro maintain a Dartmouth Street, London SWIH 9BP or 

high standard of administrative efficiency and telephone 01-222 7733 fora preliminary 
will be assisted by a secretary/RA. discussion. 


John ScBis IIEna „ K(S>Bn , 

and Associates ■■■ 


HOUSE OF COMMONS 

(Department of the Clerk of the House) 
Select Committee Specialist Assistant 


The Treasury and Civil Service Committee require a Specialist 
Assistant to cover economic questions. The duties wfll include giving 
specialist assistance to the Cert of the Committee and undertaking 
research into specific questions. Applications are invited from 
candidates with a good degree or an equivalent professional 
qualification in a relevant subject together with several years’ relevant 
practical experience. Ad interest in public administration and 
experience in the use of a micro-computer would be an advantage. 

The preferred age range is 28-35 years and Tor a successful 
candidate within this range the salary is likely to be between £13,615 to 
£16,965 pa according to age, qualifications and experience. 
Applications from particularly well qualified candidates aged from 25- 
27 will also be considered. The salary for this age group is likely to be 
between £11,365 to £14,115 pa. The post is pensionable. Leave is 
generous. The appointment wfll commence as soon as possible after 1 
October 1987 and will be for a period of between 2 and 4 years. 

The House of Commons Service is an Equal Opportunities 
Employer. 

For further details and application form apply to the 
Establishments Office, House of Commons, London SW1A OAA or 
telephone 01-219 5544 (answering service), quoting reference: — 2A/54/ 
FT. Closing date for receipt of application forms 25 September 1987. 


ft 



s 


THE AUTOMOBILE 

association 

The Automobile Association is the world's 

providing an extensive range of services to its S3 milh . 

io5|iarttts in Basingstoke and centres throughout the country, with 

11,500 employees. 

DIRECTOR, PUBLIC RELATIONS 

The Association is now looking for a Director Public ons 
with a proven track record in corporate public relations 


asOToaicu acids. _ . ■« « 

Ideally aged between 35 and 45, the successful applican 
offered me challenge of preparing and controlling a long 

corporate communications policy. . . „ . , . 

The Director; Public Relations will be based in Basingstoke an 
will have direct responsibility for public relations stall there ana 
throughout the United Kingdom. The package offered includes a 
substantial salary and appropriate benefits. 

Write ipj— 

Kenneth Faircloth, Managing Director 

The Automobile Association, Fanum House, Basingstoke, Hampshire RG2J 2EA. 


Major 

opportunity to 
lead venture 
capital team 


COUNTY NATWEST 

tVThe NatWfest Investment Bank Group 


Package up to £35,000 


LEEDS 


You have a successful background in venture 
capital, with proven ability in selecting, negotiating and 
managing deals. You are confident of your client- 
handling skills and have probably managed small teams 
of people already. Now you are looking for a career 
move which adequately rewards your talents. 

We are County NatWest. Our Leeds office has an 
established reputation for innovation and expertise in 
the area. Wc are playing an increasing role in providing 
equity, debt and corporate advice to companies taking 
part in the continued development of the strong local 
economies in Yorkshire and the North East 

With the support of County NatWest Ventures in 
London, we offer a key role co lead the development 
capital team and build further on our impressive record 
of handling high profile and substantial equity linked 
financing transactions, such as the recent £ll.5m 
Holliday Dyes & Chemicals syndicated buy-out We will 
make a contribution towards your relocation costs. 

If vnu share our commitment to play a significant 
part in the industrial scene in Yorkshire and the North 
East, send a e.v. and current remuneration details to: 
Ian Carlton, Personnel Manager, County NatWest 
Limited, Drapers Gardens, 12 Throgmorton Avenue, 
London EC2P 2ES quoting reference: ADA T C/L/FT 


Fund Management 

T TXT 


UK Equities 


Our client is one of the UK’s most progressive life offices with funds under management in excess of 
£3 .Obn. and substantial expansion envisaged in the future. 

Inline with projected growth, they are now seeking to recruit an Investment Analyst to join their successful 
UK equity team. The position will report directly to the Fund Manager and will give the successful 
candidate responsibility for analysing specific sectors of the UK equity market. Candidates will possess the 
necessary skills to enable them to progress into a fond management or marketing role in the short term. 

If you are a graduate and have a minimum of one year’s experience of investment research or corporate 
business analysis, and the commitment to succeed in a competitive environment, this position offers 
excellent opportunities. 

Interested candidates should contact Charles Ritchie or Nick Root on 01-404 5751, or write, enclosing 
a full curriculum vitae, to Michael Page City, 39-41 Parker Street, London WC2B 5LH. Strict confidentiality 
is assured. 


I_ 


Michael Page City 

International Recruitment Consultants 
A member of Addison Consultancy Group FLC 


J 


INTERNATIONAL 

MERCHANT 

BANK 


BUSINESS ANALYSIS 

CITY 

PACKAGE 

c£25000 


The ream ts responsible far the analysis, development and 
implementation of financial and management reporting sys- 
tems to meet the Group's international needs. This entails 
working closely with financial accountants in the banking, 
investment management and securities sectors. The post 
will involve identifying user requirements and undertaking 
detailed studies as well as overseeing development and 
implementation. 

Candidates should have at least two years experience of 
business analysis, ideally In a large mainframe system envi- 
ronment. Some formal training in accountancy is desirable 
and previous exposure to MSA. or similar, products far Gen- 
eral Ledger and Accounts Payable applications would be an 
advantage. %u will need good interpersonal skills and enjoy 
problem solving to provide affective solutions. 

The position presents an excellent opportunity to develop 
your knowledge of the financial sector by taking a leading 
part in a major development. 

For farther information about this vacancy, and to discuss an 
initial interview, please ring die advising consultants. John 
Pm or Juan Roca-Mas on 01-247- 1172. or evenings on 
01-554-6637 Alternatively write, enclosing a C.V to 
Marshall-Wilktns. Freepost. London El 6ER. quoting B 973 
on the envelope. 


SECURITIES 

INVESTMENT 

MANAGEMENT 

INTERNATIONAL 

BANKING 


Marshall -Wffldns 

RECRUITMENT * SElcOlON • ADVISING 
MLorfmPnrf total*.. LotaonElML. 


EXECUTIVE JOBS 


YOU EARN OVER £25,000 P.A. AND ARE 
SEEKING A NEW TOP EXECUTIVE 
APPOINTMENT 

Connaught's team of profesuooak, all of whom have had experience at managmg 
director level, can help you. 

Connaught's successful Executive Action Plan helps you End appointments quickly 
and discreetly, particularly m the area of unadvemsed vacancies. 

Contact us for an exploratory nw ttiu g without obligation. 

If sou are currently overseas, ask for our Executive Kxpar Service. 

12.’ Savjr Row. London WIX I AG. Tel: UI-7M J87V. 


"UH» 


PATTEN 


Connamht 


fen* Recruitment Corodtants 
ECP Trader clStyWO 

Chief Dealer W £40,000 

Senior FX Dealers to 05,000 

Senior Sterilnq Dealer to £33,000 

Forward Outers to £30, l»0 

Bank internal Auditor to UfaOflO 

Spot De«*rs c £2 5,000 

Euro Deposit Orators c£20.000 

Credit Analysts to £20.000 

EX. U. Trader £*ftS 

Ptaavptone 

. Mike Pape-01’2>r7 B3Z4 

Bmk Chanters 
2nd Floor 
Z14 BbfcOMBte 


SYDNEY FUTURES 
E 


We are a member of LIFFE and are 
looking to aslst any young traders who 
would IHce to spend a minimum of -2 
years trading as a "focal" on tbe 
S -F-E. 

Semi a brief personal history plus 
trading experience to: 

Box A0646, Fmncmf 7ms 
20 Comati Street 
London EC4PABY 



An outstanding opportunity to become a ... 


FIXED INCOME 
ANALYST 

... with a preeminent international asset management company . 

The analyst will work as a member of the fixed income management team with 
responsibilities in the following areas: 

• Quantitative analysis. 

• Investment strategy. 

• Report writing. 

Applicants will need to demonstrate the following: 

• Strong academic credentials. 

• At least 2-3 years working experience as an economist or financial analyst. 

• Good communication skills. 

• Potential to become a portfolio manager. 

A competitive salary will be offered together with a comprehensive benefits package. 

Interested candidates should contact Roger Steare on 01-606 1706 
or write to him at Anderson, Squires Ltd 127 Cheapside, London EC2 V 6RV . 

Financial Recruitment Specialists A 1 O • ; 

London — Frankfurt — Paris Andersoriy bquire 



r 




mmm 


Major Financial Institution 

Head of Equity Research 

Australia Excellent Salary 

A leading Australian financial institution, with substantial funds under management 
demonstrating healthy worldwide growth, is seeking a senior analyst to head its 
equity research group. 

The head of equity research will play a significant role in investment strategy, be 
responsible for recommendations within the Australian equity market and for the 
management and development of the existing team of experienced analysts. 

The successful candidate will currently be at director level or similar within the 
research department of a financial institution, or be managing a comparable unit with 
a major firm of stockbrokers. A track record of successful research and analysis of 
equities — not necessarily Australian — with exposure to both commercial/industrial 
and resource sectors is mandatory. 

Career prospects are excellent, and a highly competitive salary package is on offer to 
the successful candidate. Quote ref. MODH378. 


Rochester 

Recruitment 

Limited 


Moor House. London WaB 
London EC2Y SET 
Telephone: 01-356 561 1 
(FAX: 01-374 0980) 



Brook Street has better permanent jobs 


Senior Rights . 
and Dividends Clerk 

Motivated and ambitious 
person required for this Gty 
based stockbroker 4-5 years 
experience in UK and 
preferably overseas securities. 
Salary c. .£20,000 


Dq>uty 
New Issues 


Manager 


Gty based stockbrokers 
require experienced and 
energetic person for their 
busy New Issues Department 
Three years experience on 
market making side. 

Salary £15-20,000 


Transfer Qerk 

Deliveries and registrations of 
residual stocks covering UK, 
Australia, Hong Kong, and 
Singapore. Gilt deliveries 
and basic transfer work. 
Toj618,000aae. 


Contact the New Issues Department on 01-481 2820 
108 Fendmrch Street, EC3M 5JJ 

BETTER PEOPLE COME FROM 

BROOK S TR E E T 






17 


Fifrftficfal Hindis Wednesday September 2 1987 


4 

* 


n i 


•1 



WES BANK CORPORATION (SBQ was 
founded in 1872 and is now a leading universal 
bank and one of the 'Big Three' banks in 
r Switzerland. It is one of the select few banks 
whose longrteriitdebt is given the top 
. intemarional aedit rating. AS at 3 1 December; 1986. 
-SBC had total assetsof Sfr 137.8 billion and capital 
fiffid reserves of Sfr 8.5 bflffort. 

the SWISS BANicteRPORAnON 
tfcfTERjWONAL dROUP (SBQ is the investment 
banking arm erf SBC and has a major presence in the 
international .capital markets, with operations hi 
: London, Ibkyo. New fork, Hong Kong and other 
financial centres. As well as maintaining our position 
! as one of the leading houses in the Eurobond 
markets. SBC! has developed a strong capability in 
^Soth Far Eastern and European equities research 
and distribution. 

SBQ is seeking a Japanese national who. after a 
period of orientation in London, will transfer to the 
fokyb branch of its affiliate. SBC! Securities (Asia) 

Ltd to assume a senior rote in the Money Market 
instruments Sales team which has responsibility for 
a wide range of products including Eurocommercial 
Pap^: and Certificates of Deposit. US Treasury Bills. 
Medium Term Notes and Japanese fen domestic 
money market instruments. 

The individuaf we seek wlH have:- 
experience in the selling or trading of foreign 
exchange, deposits or CDs 
good communication skills and spoken English 
a preference for working In a team-orientated 

environment • • 

- SBQ is commuted to management develop- 
ment and its continued expansion will create 
opportunities for successful people to progress into 
more senior management roles both in Tokyo and 
within the Group. Remuneration, which will include 
aii the usual investment banking benefits and the 
opportunity to earn a substantial performance- 
based borius,.is negotiable: 

Those Who wish to apply should write, enclosing 
a curriculum vitae to: Michele Deverall, Manager: 
Swiss Bank Corporation International. Three Keys 
Hotise. 1 30 Vtood Street. London EC2V 6AQ. 


□ 

.□ 

D 


mm 

0*A 



in 




Opportunities for young analysts 


n 


Our client is the t)k Equity arm of a leading UK Securities Group. 

they are now searching for a number of young salespeople to expand their UK institutional 
safe team. Tbe ideal candidate will be a graduate in their early 20’s who has spent around 
one year as a trainee analyst, arid who is now looking for a move into sales. 

The attractive remuneration package will be competitive and is unlikely to be an obstacle. 

Please contact Janet Stockton at the Securities Division, 39-41 Parker Street, London 
WG2B 5LH or telephone her on 01-404 5751. All replies will be treated in strictest 
confidence. . 





International Recruitment 
A member of Addison Consultancy Group PLC 



t 


$ 



Investment Manager 
UK Equities 


Due to extremely rapid growth and internal re- 
structuring a rare opportunity arises for a very 
senior and experienced AJK equity specialist in- 
vestment manager. The job js to take responsibility 
for five substantial (over £400m) existing unitised 
funds and . trusts plus new trusts about to be 
launched, and head upland lead the team already 
managing these funds. Candidates aged less than 
28 years old are unlikely to have sufficient experi- 
ence and we will require clear evidence of ability 
to obtain above average performance. 


Location will be in the City of London at our 
new fond management centre equipped with the 
most modem fund management environment and 
technology. An attractive remuneration package 
will be available to the right person including car, 
subsidised house purchase, non-contributory 
pension, bonus, etc. 

Applications in strict confidence to P Silvester, 
General Manager (Investments), 15 Old Bailey, 
London EC4M 7AI? or telephone 01-329 4454. 


Friends Provident. 


JAPAN Property Adviser 

WwTwra ll Aim & SnritfaareawdltgtH W Wied , highly 


expertise in all aspects ofthe commercial property market. 

business - 

■ international department based in d* L o nd o n Head Oftkr- 
Tbc fimtarc piaemga bfcb degree efimpottanct on t his 
p^fWj ^wniildeapectttesMccssfidgli^carttra^)”^ 

beccm e tfadrinjKMSetfxrialg t ini 





Stockbroking — 

Oils 

UK Stockbroker seeks to recruit an Oil Analyst, 
with the ability to bring into operation a specially 
commissioned field valuation model 
Candidates with a good knowledge of the oil 
industry, will have a background in computing and 
exploration and be e x pected to assume early 
responsibility for the analysis ofE. &P. companies. 
Attractive remunerative package offered. 

Please write with fuD CV to 

Box A0647, financial Tones, 10 Cannon Street, London, EC4P 4BY. 


APPOINTMENTS 

ADVERTISING 


£43 per single column 
centimetre. 

Premium positions will 
be charged £52 per 
single column 
centimetre. 

For further 
information call: 
01-248 8000. 

Deidre Venables 
Ext 4177 

Paul Maraviglia 
Ext 4676 

Elizabeth Rowan 



U.S. Stockbroker 

Financial Services/Sales in the City 
25-35 up to $75,000 

Our diem, a U-S. New Tbrk Stock Exchange member, will shortly strengthen their 
London operation with the appointment of a key marketing executive He/she will be 
involved in selling investment reUred services eg. news services, computer services, 
research services, ro major UK investment institutions- The ideal candidate should 
either have some exposure m selling financial services or should have gained 
experience of selling equities to the major UK institutions. A highly competitive 
salary will be negotiated and is likely to include an attractive bonus dement. 

Please apply oo]. R. V Courts, Career Plan Ltd, Chichester House, Chichester Rents, 
Chancery* Lane. London, WC2A 1EG, rd: 01-242 5775. 


Career 

plan 

XT LIMITED 

Personnel Consultants. 



5o,ooo Calls Per Month 
Calls For Some Very 
Professional Training. 


At Fxtefity International we have one of the most successful track records 
of any Investment organisation. 

For the past seven years, we have been one of the Top Ten Unit Trust 
Management Groups. Much of our success is due to our innovative approach to 
the financial services industry. For example, we were one of the first companies 
to realise tire potential of a Telephone Advisory Service. 

This department is based at our headquarters in Tonbridge. Kent and 
is already handling over 50,000 calls per month -a figure which is growing 
rapidly as we continue to launch new products and services. 

We now require a Divisional Training Manager to meet the demands 
of our expansion programme and to respond quickly and effectively to the 
changing needs of the retail marketing group. 

Divisional Training Manager 
Telephone Marketing 

Excellent Salary Plus Bonus & Benefits 

As a young training professional you will be aged in your 
mid twenties and your previous experience will be strongly biased 
towards sates skills. Ideally, this will have been gained in a financial 
services environment and a knowledge of telemarketing would 
also be advantageous. 

This is a new position within the department, and you 
should have the drive and enthusiasm necessary to design 
and implement your own ideas acros a broad spectrim. 

In addition, you must have a good managerial abffity as 
this is a very creative role. 

Reporting to senior management, you will be 
required to estabfish a divisional training group. The 
group's responsibilities wffl include designing and imple- 
menting induction programmes together with developing 
sales skills and supervisory/management training plans. 

We are offering an excellent remuneration package 
which wfll indude a generous salary negotiable in fine with 
experience, a performance related bonus and the usual 
benefits you would expect from a successful company. 

Relocation assistance is also available if required 

If you would like to join one of the country's most 
progressive fovestinent organisations, please write 
enclosing your CV. and quoting Reference No FT 029 
to Brian Coetzee at Fidelity Investment 
Services Limited, River Walk, Tonbridge, 

Kent TN9 1DY 


BERMUDA • BOSTON • HONG KONG • 
JERSEY- LONDON • NEW YORK ■ PARIS- 
SAN FRANCISCO ■ SYDNEY • TAIPEI • TOKYO 



Fidelity 

INVESTMENT SERVICES ** 



Credit Manager 

-New Foreign Bank 

Age 27-35 £ 30 , 000 - £ 35, 000 + car 


For the well-trained credit professional in the foreign 
bank sector this a rare opportunity to set up and run the 
credit function for a top-quality batik. Our client is a large 
and prestigious West German bank which will shortly be 
open ing a London Branch. The Branch win transact a wide 
range of camxnenriaJ and merchant banking business 
including syndicated loans, trade finance, collateralised 


lending, and treasury. 

Your objective will be to establish and manage an 
efficient Credit function which can not only perform the 
conventional xnonitoring/counterbalance role but also 
contribute ideas on the structuring of credits. 

An induction period at the Head Office in Frankfurt will 
familiarise you with the bank’s credit procedures and 
standards. The task then will be to establish the 
Branch creditproceduxes taking into account 
both Head Office and local requirements. Once 
operational, the credit department win (day an 
ortani role in the development of a profitable 
l high-quality asset portfolio. As Credit 


Manager, reporting to one of two General Managers, you 
trill be encouraged to play a high-profile role as a member of 
the senior management team. 

To applv, you should have developed a progressive career 
record w the credit function of a foreign or consortium bank 
in London which operates to high credit standards. Your 
knowledge musi encompass all the credit, legal and tax 

i in wnkh the Branch 


aspects of the principal lines of business in which the Brant 
wfll be active, and experience of swaps, FRAs and ECGI> 
backed finance is essemiaL You should be a good 
communicator, flexible in your approach and »<*nm oriented. 
While obviously useful, a knowledge of the German 
‘ ige is not expected. 

attractive package includes all the usual bank benefits 
and the salary will be pitched at a level to attract the 
right candidate. 

All enquiries anil be treated in strict confidence. 
Please send a brief curriculum vitae or telephone 
for an application form to Gary Gibbons, Financial 
Institutions Group, Ref: 266S/GRG/FT. 

PA Personnel Services 


BY 


Ranuntrmkm fc Personnel Consultancy 








18 


Financial Times Wednesday September 2 1987 


HANG SENG 
». DOW JONES 

What's your view? 

Our Unit Trust Sales Consultants will have an informed 
view on Hong Kong and Wall Street as well as the other markets 
around the world. They need this to give advice on the Abbey 
Asian Pacific and Abbey American Growth Trusts - just two of 
the range of 1 6 Abbey Unit Trusts. 

That's why they are sure of a good reception by brokers, 
stockbrokers and capital investment specialists. 

The recent excellent performance of Abbey's Unit Trusts 
has been achieved by recruiting and rewarding the finest, 
results orientated, investment management. 

We have a market leading range of unit trust products and 
high calibre people selling them and we are putting more 
resources behind our Institutional Sales Division to capitalise on 


the expanding market 

We're now searching for more consultants, in particular 
in London and the South East, and the West Country. 

To be suitable you must have considerable 
experience of selling Capital investment products and 
knowledge of investment brokers and stockbrokers. 
Also a thorough understanding of the unit trust 
market and a genuine interest in investments. 

Join Abbey Life's Institutional Sales Divisionand 
benefit from our innovative and growing range of 
Capital Investment products. We'll reward you with 
a package that with bonuses could be worth £30.000 in your 
first year. This indudes a choice of prestige cars, mortgage 
subsidy plus other large company benefits. 

Initially, call Michael Rose, Senior Personnel Officer, on 
Bournemouth (0202) 292373 or write to him at Abbey Life 
Assurance Co. Ltd., 80 Hofdenhurst Road, Bournemouth. BH8 SAL 



Abbey 

investment Management 


YOUNG EXPERIENCED LENDING PROFESSIONALS 

An opportunity to learn from a market leader City 


be of graduate calibre (we re talking about intellect, not letters alter tne name; wiui aiuuuu . 
two years' experience. We are looking for the professional approach which could well result 
from a sound banking training or from a qualification as, say, a Chartered Accountant, a 
Solicitor or a Chartered Surveyor. This is a highly professional, innovative environment and 
you will need to be a disciplined thinker, sparky and persistent, and, crucially, keen to learn 
from and emulate highly successful exponents of a very demanding, yet satisfying, business. 
This is undoubtedly a superb career appointment but that won't be used as anexcuse for a 
disappointing salary package; we are, after all, looking for the best. Please send full career 
details to Malcolm Lawson, quoting reference IC 7177. 

* 5 — p *, n { s ^ / 13/14 Hanover Street, London W1R 9HG. Telephone 01-493 5788. 


Link Citv Search & Selection Ltd. 


u u k J 


Top Management 
Consultants to 
Financial Institutions 


Spicer and Oppenheim Consultants is one of the leading manage- 
ment consultancy firms serving the boards and top management of 
premier financial institutions world- wide. 

• Domestic/Intemational strategy and organisation 

• Top management structure ana processes 

• Treasury /trading and capital markets issues 

• Delivery channels strategy and design 

• Asset and Liability management policies and procedures 

• IT strategy and systems design. 

We now wish to recruit additional experienced consultants to work 
in Europe and the Asia Pacific region. Our minimum standards are 
extremely exacting. 

• 1 to 4 years of management consulting experience 

• Pre-consulting experience within financial institutions 

• Good MBA or equivalent degree 

• Fluency in English plus one, preferably two, other languages 

• International outlook and willingness to travel globally. 

Successful candidates will also have the intellect, energy, drive and 
presence vital to success in the boardroom of leading financial 
institutions. Remuneration will be outstanding. 

If you qualify to join our elite group please send your c.v. to -Susan 
Wyatt, Personnel Administrator, Spicer and Oppenheim 
Consultants, Friary Court, 65 Crutched Friars, London 
EC3N2NP. 

Spicer and Oppenheim Consultants 




Merrill Lynch 

International 
Corporate Finance 

Merrill Lynch Europe Limited is rapidly developing its investment banking 
business in Europe. The firm has established itself as a leading issuing house 
in international capital markets, and in international merger and acquisition 
assignments; we offer a full range of financial services to institutions, 
corporations, governments and individuals. 

As part of a major development and expansion programme, we are now 
looking for a number of outstanding individuals to strengthen our Corporate 
Finance teams. 

The successful applicants will be: 

• aged 27-35 

• determined, disciplined and creative 

• qualified accountants or lawyers 

• horn a merchant bank or stockbroking background, with experience in 
debt, equity, or mergers and acquisition work 

• highly-motivated and ready to make the most of an exceptional career 
opportunity 

If you think you have the necessary skills and experience to take on one 
of these demanding positions, which offer competitive salaries and benefits, 
please write, enclosing a detailed C.V, to Richard Davey, Executive Director; 
Merrill Lynch Europe Limited, 27 Finsbury Square, London EC2A 1AQ. 


Equities Analyst 

Spain & Portugal 
£10,000-£ 15,000 

Our client is the investment banking arm of a maior international 
institution. To strengthen their coverage of Continental markets 
they now seek an Equities Analyst, aged mid-twenties with a good 
European numerate degree. Portagueae/Spanish mother longue 
with fluent spoken and written English and French are essential 
and a knowledge of another European language would be 
desirable. Candidates will have axparkmca in technical and 
fundamental analytical techniques, will be computer literate and 
will have already established contact with industrial companies in 
Portugal and Spain. 

If interested please write to the address Mow quoting reference 
EASP1 9617/FT. These will be forwarded unopened to our Client 
unless you list companies to which they should not be sent In a 
covering letter marked for the attention of the Security Manager 

Campbell-Johnvton 
Recruitment Advertising Limited 

J I onion Wall Building I aaJon Hull. London F.C2M oPJ. 


AUTHOR SOUGHT - 
Bu s ine s s/Fin ancial 
Orientation • 

To collaborate in the produc- 
tion of potential best selling 
book for the American market 
Research already largely car- 
ried out and American repre- 
sentation established and in 

place. 

Phone: John Beeken on (82731 
582143. 


CENTRE POINT 
CONSULTANTS 
have a variety of banking 
appointments with Inter- 
national Bankers. Candi- 
dates should have at least 
two years’ experience in this 
environment. 

For flutter detoOs ring 
Trisha Brooks 
734 387$ or 437 4083 



RoyWest Trust 
Corporation Limited 

TRUST OFFICERS 


The RoyWest Trust Group, one of the largest Groups of 
Companies offering International Financial Services, 
wishes to engage experienced Trust Officers in the 
Bahamas and the Cayman Islands 

Applicants should have a minimum of five years* 
experience in their field and possess an Institute of 
Bankers Trustee Diploma or its equivalent. 

The posts to be filled offer an attractive tax-free 
compensation package which includes allowances and 
annual return air fares for the officer and his dependents, 
a pension plan and medical and life insurance coverage. 

Interested applicants should forward a full rfisumd of 
education, qualifications and experience to the Vice- 
President— Europe, RoyWest Group, 4 Finch Road, 
Douglas, Isle of Man, who will arrange preliminary 
interviews with selected candidates. All applications will 
be treated in the strictest confidence. 

THE ROYWEST GROUP IS ASSOCIATED WITH 
NATIONAL WESTMINSTER BANK PLC AND THE 
ROYAL BANK OF CANADA 




PORTFOLIO MANAGER 

DUBLIN 

Leading Irish stockbrokers* Goodbody James Capel 
are seeking a Rjrfcfblio Manager, due to the 
continued expansion of the firms Private Client 
Department 

The person appointed will have considerable 
experience of advising clients professionally and is 
likely to be aged between 3045. He/she will have a 
tihmvigh lmnuriodga arui nnfa at a adjpg cfin vsstgiBrt 
markets and products, with experience gained in 
specialised banking, stockbrokmg, personal 
investment ortmstee type organisations. 

The seniority of this position willbe fully reflected 
in the remuneration package 

Initial contact, in strictest confidence, should be 
made to: 

Tbny Curran, 

Goodbody James Capel, 

5 College Green, Dublin 2. 
Tbl:(0001) 793888 


Goodbody James Capel 

■ STOCKBROCKERS ■ 




) 


**• 


t.y 


INTERNATIONAL 
EQUITY DEALER 


Alliance Capital Management International (Inc.) is the 
international arm of Alliance Capital Management Corpora- 
tion, one of the largest US investment managers. The group 
has over $35 billion under management worldwide. Due to the 
growth of our international business we are seeking to add an 
Equity Dealer to our London office. At feast 2-3 years'experi- 
ence of dealing in international equities is required. Competi- 
tive salary, bonus and other benefits included. 


Please apply in: writing to: 

Mr Gregory Wolcoiigh 

ALLIANCE CAPITAL MANAGEMENT INTERNATIONAL, 

Inc. 

43 Upper Grosvenor Street 
London W1X 9PG 



ELECTRICITY SUPPLY PENSION SCHEME 

Currently standing at nearly £7 Billion the Electricity Supply 
Pension Scheme is one of the country's largest. With major UK and 
overseas portfolios being managed in-house it offers excellent 
opportunities for experienced specialists. We currently require a 
Senior Fund Manager, Fund Managers and Investment Analysts!© 
strengthen existing teams. " : ‘ T ’ 

You should be able to demonstrate a successful record with 
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19 


THE ARTS 


Television/Christopher Dunkley 


Never bank on decent holiday viewing 


jew tha oriniiai quality In the expanded system, seem to be catering for your 
ws *requoiuy defended' tele* and ~ perhaps— have even tastes. - ITV was showing a re- 


vision • from its numerous 
detractors among .the , intelli- 
gentsia, arguing that although 
many or its programmes are 
rubbish; v same of them - -are 
rmnaxkabiy good: The point 
has been, made Gratthe ratio 
of good to had is: probbbiy 
s i mil a r , to foe -proportions in 
other undertakings Which eater 
fof-R muss public; -food, music, 
print. 

■The difference is that 
whereas 


I 


an FT reader will, 
without -even thinking about it 

control the intake of print . to 

his home • fio thst his gonaral — . TTV running right 


Stranger willpower to with- 
stand the. temptations of the 
vastly greater quantities of rub- 
bish. " 

In principle nothing has hap- 
pened to alter this, but In prac- 
tice ft islb&giiwing to look like 
stany-eyed optimism, both be- 
cause of long-term trends in- 
general, and became of the 
hank holiday weekend just 
goner in particular. As the 
expansion of television pro- 
ceeds, with .the "BBC already 
Tunning - its : new. daytime ser- 


* 




)t& 


impression toll be based Upon 
good newspapers, good maga- 
zines and good books, with 
only Occasional traces of the 
material that makes up the bulk 
of the market (the Sun, Men 
Only, paperback formers) ms 
impressions of television wffl 
be formed from his viewing of 
all sorts of r rubbishy - pro- 
grammes. He' sees these quite 
often because the only choice 
in television (unless be is: one 
of the tiny minority living in 
a cabled area) is to take, every- 
thing that is broadcast or 
nothing. True, he does not theu 
have to switch on the rubbish, 
but somebody in the household 
3s likely to.- 

Thus, while most. IT readers 
tuay never in their lives read a 
Mills & Boon, paperback, ■ (hey 
certainly will see Dallas of The 
Equaliser from time to. time. 
No doubt this Is.. not. the only 
reason why it has always been 
smart to sneer - at television 
while praising Sprint, >ut it is 
surely one; •: .■ . 

It has been the aim nf »ii« 
column to concentrate npoa that 
small proportion s television 
which to . tcnrarfcably good, 
urging fellow vtowen to recog- 
nise that quality' may befbund 
in tftncfer^otf. fofe; BBC’s eriefeet 
coverage ne nmehts Jap * worthy 
documentary: or -• faeavyWelj^rt 
play; and encouraging the broad- 
casters to maintaln the- propor- 
tion of good programme* os .the 
total quantity id tehsvisuu 
up. •• .’ ■ : . - r - 

On this last point the 
ment here haalmwayg bceh 
5 per cent : of- high-quality 
material In a 3&channel system 
with 3.000 :■ hours nf pro- 
grammes a week to a better 
deal than 5 per cent Of -four 
channels with 400 bears a 
week, even if you do have to 
wimt harder atUl for the high 


vice mid: JPEV about to join in 

through 


the night on weekdays, and now 
several regions broadcasting 
London Weekend’s Night Net- 
work on Friday, Saturday and 
Sunday nights — the hope that 
even as little as' 5 per cent of 
this will: be good material looks 
increasingly forlorn. 

You did not have to be an 
over-demanding highbrow to 
decide at 8 o'clock on the oven* 
mg of Bank 'Holiday Monday 
that television- really did not 


peat of The Benny BtU. Shota, 
BBC! was just finishing The 
Bock *n RoU Years and about 
to start Terry and June, BBC2 
was screening a repeat . of Arms 
And The Dragon, and Channel 
4 was offering its soap opera, 
Brookside. 

The experiences of Channel 1 
have shown why such a 
pathetically small proportion 
ot television eaters for the 
more demanding viewer. Even 
if you are willing to be content 
with as little as 7 or 8 per cent 
of the audience you will still 
have to- lace your schedules 
with American programmes 
(Channel 4 carries not merely 
the highest proportion of 
American programmes in 
Britain, but the highest in 
Europe). Though you may set 
out with the Intention of offer- 
ing very little sport, you will 
find yourself including quite a 
lot. willy nflly (horse racing, 
basketball. American football, 
Australian Buies football, net- 
ball). 



* Callow’S Tanghtiwi/ Channe l 4 


And at the end of an that 
you may still find yourself with, 
the prospect of being "privat- 
ised" by a Government which 
is more interested in introduc- 
ing competitive advertising to 
television than in the quality of 
the programmes. Jeremy Isaacs 
who is leaving his pint: as chief 
executive of Channel 4 to run 
the Royal Opera House said at 
the weekend that the channel 
could continue to fulfil Its 
remit if privatised, though it 
would certainly be more 
difficult 

He added that there would 
have to be safeguards "to. en- 
sure that a wholly independent 
Channel 4 could continue to 
provide the sort of broadcasting 
which Parliament, only six 
years ago, charged it to deliver.” 
Yet there is, presumably, 
nothing to atop Parliament 
its mind. 

But the most depressing of 
all the straws in the wind 
during this weekend of mostly 
ghastly programmes was the 
opening of LWT’s Night Net- 
work which seems to be based 
on two assumptions: that the 
only people who want to watch 
television late at night are those 
between 16 and 34 years old, 
and that all members of this 
age group are interested in just 
three things: rock music, pop 
videos (really the same subject) 
and very old series from chil- 
dren’s television. 

Since it is difficult to believe 
that anybody in ITV really 
imagines that 20-year-olds are 
fascinated by the puppet sci-fi 
series Captain Scarlet And The 
Mysterons, which is the same 
age as they are, or Muffin The 
Mule, which is considerably 
older, one looked for some other 
explanation, and It emerged 
pretty rapidly. There is one 
clear criterion for the material 
going into this three-hour slot 
between UK) and 4.00 am: that 
it be very, very cheap. 

The most expensive item on 
the opening night must have 
been Nicholas Parsons' fee for 
presenting the embarrassing 
Alpha Bet Show, an event 
which did not seem to know 
whether it was supposed to be 
a quiz show (questions on pop 
videos and old television senes) 
or a send-np of a quiz show. 
Either way it made Mr And 
Mrs look like the height of 
sophistication. 

Like this quiz. The Bunker 
Show — » where two people from 
the pop world chose which 
“vids” they would take with 


them " Dahn inm bunker 
because the bomb’s ’appened” 
— looked not merely studio 
bound, but as though it might 
have been shot in a bedsit 
The effect of such economy in 
the programmes is to mpfr** the 
commercials for beer, jeans, 
hair cream and the Guardian, 
look astonishingly flashy and 
even glamorous, and perhaps 
that is the idea. Certainly 
LWT promised advertisers that 
its production and advertising 
departments would be working 
unusually closely together on 
this new venture. 

As ever, it would be dishonest 
to pretend that there was noth- 
ing at all worthwhile on tele- 
vision over the holiday 
weekend. Callow’s Laughton 
was a fascinating Channel 4 
programme presented by Simon 
Callow, who left you at the end 
with the unusual feeling that 
you knew a great deal more 
about the subject than when 
you began. Moreover, no week- 
end with a screening of Bad 
Day At Black Rock can be all 
bad. though only those who 
have already seen the movie ir 
the cinema should really be 
allowed to watch it on tele 
vision, as a sort of mnemonic 
for the real thing which bar 
much to do with the physica' 
presence of men and landscape 

Above all, of course, there 
was The World Athletics 
Championships from Rome. 
Those who do not like athletics 
will have been irritated by the 
fact that once again, BBC and 
ITV were both covering the 
occasion, but for enthusiasts it 
offered another chance to com- 
pare the relative merits of the 
long established BBC, and ITV. 
which is determined to break 
the corporation’s a nolock on 
the sport 

Bur here, as repeatedly be- 
fore, the BBC came out on top. 
One incident highlighted the 
difference: when the Italian 
official’s lap counting went 
wrong in the 10,000m, David 
Coleman was onto it in a flash, 
correctly predicting the havoc 
it would cause. TTV*s commen- 
tators were scarcely aware of it 
until near the finsih. 

Like so many other holiday 
weekends, this one was saved 
for television by the sheer ex- 
cellence of (he BBC’s sports 
-coverage. That does not alter 
the fact that this week the long 
term trends for high quality 
televirion look as ominous as 
they ever have. 


The actor who found the needle in the haystack' 


CHART JW LAUGHTON ’ 
by ShmmCallnw.JCetimnL 
314 pages, £L4L95 . . 


“ It was the face of someone 
who simply shouldn’t ' be' an 
actor at all,” writes Simon 
Callow of the most unlikely star 
ever to grace the cine ma 
screen. Grades Langhton was 
the exception that proved 
almost every rule in the film 
business. In an industry that 
demanded good looks, or at 
least dramatically defined, bad 
looks, Laughton was tot and his 
features were, amorphous 
puffy, higgledy-piggledy. In a 
profession where most actors 
axe file-indexed from an early 
age under H for herb or V for 
villain, Laughton commuted 
freely between the blackest of 
blackguards (Captain Btigb, 
Barrett pare in The Barretts of 


In, this searching and deHght- 
fbl biography. Callow relishes 
Ids' - -subject : and . clearly 
empathises with him. Like 
Laughton, Callow is a Renal* 
sance man in a profession 
where most practitioners have 
tunnel talent: like . Laughton, 
he not only acts, he writes, 
translates and directs, lake 
Laughton, he also thinks about 
acting. Few of the plain tacts 
-in this book are new — ■ Laugh- 
ton’s Yorkshire childhood, his 
Jesuit education, his rise -from 
RADA to West End and Holly- 
wood success — but what is 
new to what. Callow writes 
between the facts. Acting is a 
craft Notoriously hard to 
analyse, and most actor’s bio- 
graphies do not bother to try. 
They advance on the trite step- 
ping-stones of anecdotes, 
meetings, roles and dates and 
prizes. 

Callow rolls up his sleeves 


Wimpole Street) and the most - J ^ _ 

seraphic of heroes (Rembrandt, and gets down to the Job. He 
Claudius). And in a cost-taten- confronts not only the "why” 


srve business where technical 
discipline, was as vital as talent 
— knowing the lines, hitting the 
m arks— Laugh ton could bob 
about like an angel on an erratic 
cloud of inspiration, . causing 


of acting — its peculiar moti- 
vational blend pf a desire for 
self-exposure mid an equal de- 
sire for self-erasure (via mul- 
tiple disguises) — but also the 
" how.” : Laughton 


He could drive co-workers to 
desperation by looking tor a 
-needle of meaning in a hay- 
stack of- possibilities, when all 
most jobbing film actors do is 
jump straight into the hay- 
stack. But in analysing Laugh- 
ton’s great performances. Cal- 
low suggests the needle was 
worth looking tor. 

A Laughton performance is 
lit by an toner light: and the 
light to powered by the secret 
current he finds for each 
character. In The Hunchback 
of Notre Borne it was the idea 
of grace through suffering. 
Laughton insisted on wearing 
a hump that was as heavy as 
it looked and makeup as un- 
comfortable as it was ugly. And 
in the unfinished l, Claudius 
(though not unfinished through 
Laughton’s fault), he could not 
find the title character's inner 
light until he had h eard a re- 
cording of Edward Vui s abdi- 
cation speech. 

More than being a Stanislav- 
skyan gimmick, this living the 
role from the inside gave 
Laughton’s acting its Unique 
transparency. In many movie 
performances, the dialogue be- 
comes a harrier thrown op by 


. was 

to* producers and dismay notoriousTy compIex: and circui- the actor between the audience 
to directors. 'tons In -his . approach to roles. , and the core of the character. 


Bad actors make this barrier a 
brick wall: their dialogue is 
lifeless recitative, learned and 
delivered by rote. Bettor actors 
will make the barrier a window: 
their skill allows you to see 
through the lines to the per- 
sonality speaking them. But 
great actors will remove the 
barrier completely. The dia- 
logue seems like an emanation 
straigh* from innennosd 
man, or woman. The thought 
and the emotion visibly precede 
it or surround it, they act 
through the line. 

Laughton’s greatness was 
that hto truancy was nearly 
always at the service of the 
truth: the truth of the charac- 
ter. Even when he forgot hto 
lines — as film records of the 
Shooting of 7, Claudius pain- 
fully show that he did— one can 
believe it was in the struggle 
to find a meaning beneath or 
beyond the lines. No wonder 
autocrat stylists like Von Stern- 
berg or Hitchcock, for whom 
actors were merely movable 
pieces in a prearranged Great 
Plan, found Laughton exas- 
perating. (“ An actor is turned 
on and off like a spigot” Stern- 
berg once wrote, or spat.) 

Callow to excellent in tackl- 
ing the confrontation between 


star and director on I, Claudius 
(Sternberg) and Jamaica Inn 
(Hitchcock). And no less skil- 
ful when comparing Laughton 
with a great technician-actor 
like Olivier, who to Callow's 
avowed bewilderment'-and, he 
suggests, to Laughton's — some- 
how found the inner core of his 
characters by going from the 
outside in rather than vice 
versa. 

But even Olivier, great on 
stage, seldom achieved great- 
ness on film. Laughton at best 
found a way to invite tire 
camera straight into his inner 
being. He cleared away the 
intervening Clutter, which could 
include .the dialogue and the 
director’s instructions, and 
smoothed a path between his 
soul and the audience. The only 
time his performance faltered, 
as Callow points out, was when 
his joy at the process leapt out 
and communicated itself: when 
the artist spoilt an individual 
brushstroke by hto chuckling 
delight that the overall portrait 
had worked. But who would 
begrudge Laughton a moment's 
careless, illicit delight, in return 
for all the bardworked-for 
delight he gave us? 

Nigel Andrews 


Photography in Bath 


Gillian Darley 


As school term brings the 
travellers back across the 
Channel from France, few can 
have seen many clues of the 
"real France" as depicted in 
the photographs by Emile 
Frechon which can be seen 
until September 26 at the 
Royal Photographic Society’s 
National Centre of Photography 
In Bath. That to scarcely sur- 
prising since Frechon was 
taking photographs in the 
Pas-de-Calato region well before 
World War L 

Staples, one of hto chosen 
subjects, was pulverised by 
war, while Boulogne-eur-Uer 
did little better. In view of the 
period, around 1800, a particu- 
lar quality of innocence seems 
to haunt these portrayals of 
bumble village people — 
toughened by the slog of life. 
There are probing photographs 
here, too, as Frechon mused 
os the already fading existence 
of the unmechanised peasant 
farmer or the fisherman sub- 
sisting on the edge of an 
industrialised world. 

The National Centre of 
Photography to housed in the 
Octagon, in Hilsom Street, 
Bath and runs several exhibi- 
tions concurrently in Its 
various galleries. Many of the 
exhibitions are based upon the 
RFS archive, a vast collection 
of work by foe known and the 
anknown. Frechon is an 
example of the latter and the 
*ork in this small exhibition 
was presented to foe archive 
during World War ZL None of 
it has been shown before. 

Frechon was not unhappy to 
“»h himself considered foe 
"Millet Of Photography." His 
: mages are those of the painter; 
portraits of individuals, groups 
sngaged In their occupations 
ar drinking after a day's fish- 
■-ng, or just soft romantic land- 
scape. Attractive as they are, 
oone of the scenes is special 
to foe camera lens— they illus- 
trate the way in which the two 
arts went grumpily hand in 
hand long after foe novelty of 
foe photographic process had 
worn off. Frechon’s work shows 
a photographer aping the 
matter and approach of the 



A French fisherman, photographed by Emile Frechon 


painter— not carving out a 
separate path. 

The companion exhibition at 
the Octagon, shown earlier this 
year at foe Barbican Arts 
Centre, is Ansel Adam’s 
“museum set” of landscape 
photographs. In the sharpest 
contrast to Frechon, foe painter 
in disguise, Adams teased out 
of the lens, and then the print- 
ing process, an intense view of 
landscape. Many of them were 
in the Yosemite National Park, 
a part of the Sierra Nevada 
which Adams visited from 1916 
onwards. 

Adams by the end of his life 
was on terms with presidents, 
receiving foe Presidential Medal 
of Freedom from Carter in 1980. 
The citation mentioned that 


"Ansel Adams has been 
visionary in hto efforts to pre- 
serve this country's wild and 
scenic areas." Small wonder 
that he found President Reagan 
and his Secretary of foe Interior 
James Watt; a dangerous pair. 

Frechon, taking his photo- 
graphs around the year that 
Adams was born, was as obscure 
a figure as Adams was a public 
one. The strand that links foe 
two to that romanticism which 
stands against threat and 
change. Frechon’s was, no 
doubt at all, a vanishing world 
but many would suggest that 
Adam's to equally under threat. 
That was what led rum to the 
White House and saw him fight- 
ing his comer until the end, 
well into his eighties. 


Weekend Promenade Concerts/Albert Hall 


It is not only with first per- 
formances that the Proms do 
their duty. When foe initial 
curiosity has died down, a 
repeat hearing tor a new piece 
can be difficult to promote and 
the BBC is to be commended 
for continuing Its policy of 
making the Prom season an 
outlet for recent commissions, 
once Heard but not forgotten. 

At Monday night's Prom 
duty and, with * few. reserva- 
tions, pleasure went hand in 
hand- Richard Rodney Ben- 
nett’s Lovesongs was firet 
performed by foe BBC Phil- 
harmonic Orchestra, with 
Robert Tear as the Soloist, in 
1986 and the same team 
regrouped for it here. It to 
a piece that goes for an imme- 
diate appeal: dense, romantic 
string chords aim to seduce foe 
ear and in foe background there 
is the continual glitter of harp 
and guitar, xylophones and 
cele s ta . 

The interest In the fore- 
ground, however, to more fitful. 
At its best, as in the fourth 
song, rising and falling string 
glissandi draw foe mind into 
just the right kind of hypnotic 
concentration. But not all the 
musical devices are so memor- 
able and the vocal part, though 
always grateful for the singer, 
often fails to illuminate foe 
very personal texts by E. E. 
Cummings. A heady aura of 


romanticism lingers on, but not 
quite anything more specific. 

Perhaps a further performance 
to called for to bring out the 
details, though one would cer- 
tainly not want to swap the 
poetry that Tear brought to his 
music for anybody else. In the 
orchestra, a certain thickness 
in foe textures might be 


IB 



Since 1735. the oldest name in Swiss watefmaking. 
But don't fapsa a find a quartz me i 


Arfan 




Arts Guide 


August 28 - September 3 


Theatre 

LONDON 

Melon (Raymarfcefo Alan Bates pre- 
dictably good in new Simon Gray. 
yhrm-d^y directed by Christopher 
Morahan, about a jealous publisher 
viewed in flashback from a psychi- 
atric ward after a breakdown. Men- 
opausal twitterings, not vintage 
Gray. (930 8832). 

Serious Honey (Wyndhmn’s): Transfer 
from Royal Court of Caryl Chur- 
chill's sEck CSty comedy for ebam- 


pens in a wonderful Paris Opera 
ambience desi g ne d by Maria BJom- 
son. Hal Prince's alert, affectionate 
production con twins a superb cen- 
tral per fo rmance by Michael Craw- 
ford. A new. meritorious and pal- 
pable fait (839 2244, CC 
379 flm/240 7200). 

NETHERLANDS 

AiMiadun, Sfaclsscboiiwburg. The 
English speak ig Theatre of Am- 
sterdam to Same Beeffeb trilogy 

Barbarians directed by David Swat- 


(242311). 


fbwig led to ei»ww tumult and bar- 
row-boy dealings on the Stock Ex- 
change. Hot and livid, bat new cast 

e° 0i < m3m ' «= Strife* 

A Small Family Burinwa (Olivier): 

Brilfiant new Alan Ayckbourn play 
about Britain on the fiddle in greedy 
times, selling out to foreigners and 
keeping it simultaneously in the 
family. A comedy thriller on the 
large scale, Ayckbourn’s own pro- 
duction to led majestically by Mi- 
chael Gambon. Best of the NT rest 
remains King Leat and Antony and 
QeooatrA in the Ofivter, A Titov 
From foe Bridge in foe Ccrttedoe. 

The new Brian Friel adaptation of 

Turgenev's Fathers and Sons to de- 
cent but dull in the Lyttelton. 


NEW rate 


ib Those 

who saw the original at foe Victoria 
in London wHI barely recognise its 
Amer ic an incarnation: the skaters 
do not have to go round foe whole 
theatre but do get good exercise in 
foe sprucediip stage with new 
bridges and American sc en er y to 
distract from the hackneyed pop 
music -and 'trumped-up silly plot. 
(588 6510). 

Me and My Girl (Marquis): Even if the 
pint turns on Ironic mimicry of Pyg- 
malion, this is no classic, with for- 


Three Men on a Hone 
George AbbcftTs sprightly gambling 
comedy has transferred from the 
National Geoffrey Hutchings in foe 
toad now joined by Toyah Wilcox 


The Phantom of foe Opera (Her Blaj- 
esfr*fifc Spectacular bat Prootinnaliy 
nutritional new mraacel by Andrew 
Ltoyd Webber emphasising the ro- 
mance in Leromfs 1011 novel Hap* 


in a stage fbfi of characters; hot it 
has proved to be a durable Broad- 
way nit with its marveDoas lead role 
for an agile, engaging aad deft ac- 
tor, preferably British. (947 0033). 

WASHINGTON 

Satdune (Opera Hbose): New masical 
based on foe life and music of Lams 
Armstrong opens, npnnprfu Center 
(3543770). —v 
Sooth Padfk: Robert Goulet stars in 
the Roger* and U «mni m ^l^ fftrwt- 


cal in the last weekend of Wolf Trap. 
Vienna, Va. (703 255 1886). 

Chicago 

today in the Park with George 
(Goodman): Stephen Sondheim and 
James Lupine's Pulitzer Prise win- 
ning musical based on suppositions 
about the life of artist and Georges 

Seurat stars John Herrera os the 
artist and Paula ScroEano as his 
kwer. Dot, directed by Michael Mag- 

gio. Ends Aug 16 (443 3800). 

TOKYO 

Les Mlstrabfes. After London and 
New York, now Tokyo ami the Japa- 
nese version of foe Tony-award win- 
ning musical The cast was hand- 
picked by the creative team of pro- 
ducer Cameron Mackintosh (from 
an astounding 11,500 hopefuls), then 
trained for nine months to a specie! 
"ecoie” and rehearsed by director 
John Cainl Costumes, set, sound, 
lighting have been supervised by 
foe respective original designer 
flown in from London. Tbbo’s Les 
Mtefrables is a triumph. The best 
production of a Western masical in 
j^an,itdiflhrslitttofromtheorigi- 
naJ London vision. Convincing and 
moving, this top-quality production 
shows what can be achieved with 
proper casting and training. Spon- 
sored by the cosmetics company, 
Shisekto. Imperi al Theatre, near 
. Guu3l(2017777). 

Annie. The Japanese-version of the 
Tony-award winning r n,,l ° w> l by 
Charles Strouse and Martin Cbam- 
hy Stars Shiori Kanno as Annie 
with Ichiro Zaftsn. Milsuko Jan and 
the shepherd dog Sandy. The Aoya- 
raa Theatre (Tue, Wed, Thar). 
(2391837). 


ascribed to the playing, as it 
was to be heard as well in 
Delius’ Dance Rhapsody No 2. 
Strange bow these two pieces, 
both so English in their use of 
string choirs, quickly stray into 
more exotic climates. 

After the interval a different 
climate altogether. Edward 

Downes has long favoured foe 
Russian repertoire and hto 

account of Rachmaninov's 
Second Symphony was as 

serious and well thought-out as 
one would expect from him: 
rhythmically firm, confident in 
its ability to see foe end of foe 
work from foe beg inn i n g. 
Ideally, one would like a more 
glamorous orchestral sound 
than this, hut the BRCPO is a 
conscientious band and its hard 
work does pay dividends. 

★ 

When Walton was once asked 
what he regarded as foe most 
important tool of composition, 
he replied without hesitation 
“ an India rubber.” Of all com- 
posers, he must surely be 
counted one of the most fasti- 
dious, ready to discard into the 
wastepaper bin as much as he 
thought fit to keep. 

So it seems a shame that any 
of the works he did choose to 
leave behind should go unper- 
formed. To date this has largely 
been foe fate of hto early 
Smfonia Concertante and 
there was a welcome chance to 
catch np with it at Sunday’s 
early evening Prom, given by 
Vernon Handley and foe Royal 
Philharmonic Orchestra. Re-cast 
from foe music of a ballet score 
rejected by Dyagilev (hence a 
link to the Proms’ dance 
theme), the piece undeniably 
has its fair share of ear- 
catching ideas. 

Its three movements are dedi- 
cated individually to the Sit- 
wells. The first— to Osbert— is 
altogether too disjointed. But 
foe slow movement (Edith) is 
an affectionate portrait, lovingly 
drawn out, and with the finale 
(Sachie) the mature Walton at 
last bursts out at bis most ener- 
getic and effervescent. The 
score also includes an import- 
ant piano part, less than a con- 
certo bat more than an orches- 
tral solo— mostly single lines or 
octaves, sensitively played here 
by Kathryn Stott. 

In foe rest of the programme 
the Proms’ dance theme was 
met head on. Perhaps Handley 
might have made the point dear 
by lifting foe rhythms in 
RakhmaninoVs Symphonic 
Dances more captivatingly. This 
was not by and large, a dancing 
performance. But it was all well 
played, with a firm grip on 
underlying movements of har- 
mony and tempo, and foe full 
sound of foe RPO, as so often 
these days, was marvellously 
rich and romantic. 

The other dance item 


most talented young jazzmen In 
Britain, later on Sunday evening 
justified its selection as foe first 
jazz group to perform at a 
Promenade Concert. Its late 
night Prom at foe Albert Hall, 
in front of its enthusiastic fol- 
lowers. was a typical manifesta- 
tion of Loose Tubery. 

The band to a collective 
organisation which specialises 
in compositions from its mem- 
bers, mainly Django Bates, 
Eddie Parker, Steve Berry and 
Chris Batchelor. In format it to 
far removed from foe generally 
accepted large jazz unit The 
pieces are not stylised, formal 
pieces in the big band tradition. 
In conception they draw upon 
vast resources of musical in- 
spiration intruding jazz, rock, 
gospel, African and ethnic 
music foe world over. The basic 
delight and thrill of Loose Tubes 
lies in its uninhibited sponta- 
neity allied, paradoxically, with 
a fragile but perceptible disci- 
pline which prevents an easy 
descent into chaos or anarchy. 

Another Inspiriting aspect of 
foe Tubes is its humour. Follow- 
ing a period in jazz, especially 
in Britain, when it became 
cerebral, ultra-serious and in- 
ward looking, foe emergence 
and wide acceptance, since its 
formal birth in April 1984, of 
this gang of joyful youngsters 
has sent a refreshing blast of 
air right through the British 
jazz scene. 

On Sunday, no doubt in 
deference to the radio audience, 
foe visual aspect of a Loose 
Tubes evening w as played down 
though, quite predictably, foe 
bust of Sir Henry Wood was 
draped with a Loose Tubes T- 
shirt 

Listeners also missed foe full 
dramatic impact of the historic 
first Promenade Concert jazz 
solo being played by a totally 
shaven-haired trombonist with 
dark glasses, attired only in 
blaek running shorts, a T-shirt 
and red shoes — no socks. This 
was John Harbome, one of the 
many soloists who contributed 
quality improvisations through- 
out foe. concert which was 
played without an interval and 
which continued some 20 
minutes after Radio 3 listeners 
had been returned to the studio. 

Radio listeners would, hope- 
fully, have experienced superior 
quality sound for in foe hall 
too often the subtlety of some 
of the compositions and their 
tonal colours were blurred. 

“Sosbun Brakfc,” an Eddie 
Parker piece allegedly named 
after a mountain in Nepal 
(trombonist Ashley Slater's off- 
beat announcements have to be 
treated with foe scepticism they 
fully deserve!) was one of foe 
jevening’s major triumphs, 

. notable for an Eric Dolpby-Iike 
was solo on bass clarinet by Dal 


Elgar ballet The Sanguine Fan, Pritchard and a flute solo, by 
also a neglected work and one i Parker himself. It 


which did not have a perform- 
ance between Elgar's recording 
of excerpts in 1920 and its 
modern revival in 1973. Unlike 
the Walton piece heard earlier, 
this score proclaims its com-] 
poser unmistakably from the 1 
first note to the last, but what 
a disappointing array of weak 
ideas it presents. Not music for 
foe wastepaper bin, perhaps: 
but it certainly belongs in the 
bottom drawer. 

Richard Fairman 

Loose Tubes, foe whrlij 
irreverent and unselfconsciously 
unconventional 21 -piece en- 
semble containing some of the 


was this piece 
which segued quite without 
warning into a smile-inducing, 
almost deadpan performance of 
the Andy Williams chart hit 
" can’t take my eyes off you." 

Django Bates, a founder mem- 
ber of foe band, contributed 
some frenzied, rather repeti- 
tious solos on his synthesizer 
but was far more bearable on 
hto tenor-horn. Iain Boltemy on 
alto-sax, Julian Arguelles, 
tenor-sax and Mark Lockheart, 
also tenor-sax were among foe 
other soloists whose playing 
helped make this historic even- 
ing a truly memorable one as 
well. 

Kevin Henriques 








20 


FINANCIALT1MES 

BRACKEN HOUSE, CANNON STRET, LONDON EC4P4BY J 
Telegrams: Rnanfimo, London PS4.TeIex: 8854871 
Telephone: 01-248 B000 


Wednesday September 2 1987 


Maclennan’s 
rescue bid 


MR ROBERT Madennan. the 
new leader of Britain’s Social 
Democrats and the third In the 
party’s six year history, made 
all the right statements In his 
speech to the party conference 


it clear that the negotiations 
with the Liberals would he far 
from easy. They will be about 
policy as much as about organ- 
isation. The former will include 
defence where Mr M a d e nn a n , 
like Dr Owen, believes in re- 


in Portsmouth yesterday. At taining a British nuclear capa* 
though not yet one of nature’s bUity. That is oneotjbeusnm 


conference performers, he was 
at least received as a white 
knight. 

It is one thing, however, to 
praise a man for putting on a 
bold showing in adverse cir- 
cumstances; it would be quite 
another to overlook how bad 
the circumstances are. For a 
party that started off with such 
brave hopes, they could hardly 
be worse. Moreover, the wounds 
must be the more painful in 
that most of them were self- 
inflicted. A party with a more 
united leadership would never 
have allowed the poll of mem- 
bers on a merger with the Lib- 
erals to go ahead when it did 
and without taking wider sound- 
ings of members' views. It 
might also have given more 
thought to the next moves. 

As it is, a majority of the 
party has voted in principle for 
a merger with the Liberals on 
terms yet to be negotiated, 
while a sizeable minority led 
by Dr David Owen, the former 
leader, is holding out for main- 
taining the independent exist- 
ence of a depleted SDP. None 
of the key characters comes out 
consistently well, including Mr 
Madennan. He originally 
wanted an early ballot on the 
merger proposal on the grounds 
that he thought the member- 
ship, given the chance, would 
vote overwhelmingly for con- 
tinued independence. He got it 
wrong, changed his mind and 
is now trying to perform the 
near miracle of negotiating a 
merger with the Liberals that 
even the bulk of the SDP pur- 
ists will accept. 

Deep differences 

The size of the difficulties 
ahead ( becomes more apparent 
with every new move. Mr Mac- 
lennan's speech yesterday was 
an attempt to reunite the SDP 
behind the merger negotiations, 
even to the point of seeking 
to bring Dr Owen back into the 
fold. Yet in so doing he made 


that has bedevilled the alliance 
with the Liberals from the start 
He even threw in civil nuclear 
policy, where the deep differ- 
ences within the Alliance have 
so far passed largely un- 
noticed. 

Mr Madennan described the 
initial SDV ballot on the merger 
as consultative and far from 
final and he buried, quietly hut 
emphatically, the Alliance’ 
joint manif esto at the last 
general election “The lime Has 
Come." It was, he said, pedes- 
trian. 

Internal dissensions 

It remains to be seen what 
the Liberals will make of all 
this when their own assembly 
opens in Harrogate the week 
after next On the face of it, 
it looks as if Mr Madennan is 
seeking to begin the negoti- 
ations with the Liberals that 
have taken place piecemeal over 
the years all over again, this 
time with the aim of producing 
a single party. It will be 
considerable triumph if he pulls 
it off, yet he could be over- 
estimating the SDP*s own 
strength, his own capacity to 
hold his party together and the 
Liberals* willingness to negoti 
ate on anything like a basis of 
parity. 

The story may be long 
enough not to preclude a happy 
ending. However, here are three 
cautionary notes. The events in 
Portsmouth may seem im- 
portant to those involved: they 
may have a different meaning 
for a wider electorate which 
tends to rumble parties full of 
internal dissections. The argu- 
ment about social democracy is 
about small or capital letters. 
Social democracy can exist 
without a Social Democratic 
Party to guarantee' ttr~And 
while the Alliance used to talk 
about a realignment of British 
politics, it is a measure of its 
fall that it is now reduced to 
discussing a realignment within 
itself. 


Trade deficit 
in perspective 


FINANCIAL MARKETS are 
moved by news, which is why 
a host of highly-paid analysts 
is employed to read the 
auguries in the various monthly 
figures. Among these are the 
figures for the balance of pay- 
ments, so long the principal 
nightmare of British policy- 
makers. Judged by the 
standards of recent market 
reactions, the response to the 
somewhat disappointing balance 
of payments figures released 
yesterday was a model of calm, 
with the stock market firm and 
the foreign exchanges un- 
disturbed. The markets have, 
undoubtedly, got this one right. 


(even, perhaps to a foolhardy 
extent) is again coming under 
pressure. While some reduction 
in the current account surpluses 
of Germany and Japan can be 
hoped for, it is highly unlikely 
that the global adjustment pro- 
cess can work without increased 
deficits in countries like the 
UK. 

The concern is not with the 
current account but with what 
it might indicate. Is the eco- 
nomy overheating, with the 
deterioration in visible trade 
the second stage of the process 
(rising asset prices having been 
the first) ? This is, presumably, 
what the authorities believed 
when the decision was taken to 
raise interest rates last month. 


A visible trade deficit for Inmart fitrure* 

July of £9l0m and a prelimin- 

ary estimate for the current in this regard the figures for 
account deficit of £310m was July provide quite good ammu- 
above the median estimates of nftion for the Jeremiahs. Look- 

on ^ at trade in goods other than 
°? ****** oil and excluding the “ erratics,” 

“ontbs to July at j2,746m, was one finds that export volume for 
more than double the figure for the last three months is up some 
the previous three months, hut 6 per cent on foe same three 
less than half against the com- months a year ago but down 
parable figure for 1986. In any i$ per cent on the previous 
case, figures for invisibles are three months. Meanwhile, the 
quite uncertain and may prove volume of imports has risen 

10 Pe* cent over the same three 
quently, one can assume that months a year ago and 8 per 
the __ current account deficit cent on foe previous foSee 


itself, though rising over time, months. Furthermore. 

rsbsissm 

” main component of growth, as 

Is there anything here to be would fit foe hypothesis of an 
concerned about? So far as the investment boom. In the three 
deficit itself is concerned, foe months to July foe volume of 
answer is no. Britain is run- imports of capital goods was up 
ning a capital account surplus, 11 per cent over the previous 
which suggests a reallocation of three months, but the volume of 
international portfolios in an Imports of manufactures as a 
entirely appropriate direction, whole was up 10 per cent (ex- 
given the relative growth of the eluding the erratics). 

British economy and the expect- , 

ation of future growth that All this is consistent with the 
underlies foe long-term rise in evidence that foe UK is enjoy- 
the stock market With over { in « ■ broadly-based expansion 
£60bn of private assets overseas yrtuch investment is playing 
the shift in the net asset pos- a significant part It impossible 
ition of the British private “Wt this expansion, like many 
sector implied by a current before, will prove unsustainable, 
account deficit running at ending m Inflation and tears. 
£300m a month (or even more) 
can hardly be viewed with con- 
cern. 

Current account 

It should also be observed 
that the world seems to have a 
shortage of creditworthy coun- 
tries that are prepared to 
borrow, just when the US, 
which filled that role admirably 


The figures for foe balance of 
payments do, therefore, merit 
some attention for -what they 
say about the evolution of the 
economy. They also provide 
some justification for recent 
action by foe authorities. In 
themselves, however, they can 
be treated with an indifference 
that most make most of the 
Chnucfllor’s predecessors burn 
with envy. 


IASSO ERGO SUM (I tax, 
therefore I am) was one 
truly inspired, sub-Car- 
tesian newspaper headline sum- 
ming up the political, if not 
the economic, motivation behind 
a package . of emergency 
measures unexpectedly pro- 
duced by the new Italian 
Government last Thursday. 

Until then,, the coalition ■ 
headed by the Christian Demo- 
crat Mr Giovanni Goria, had • 
endured a wretched 23 days In 
office. Its handling of a natural 
disaster at Valtelllna in the 
Alps had seemed weak and 
insensitive; ministers were at 
odds over foe circumstances in 
which Italian minesweepers 
might be sent to the Gulf; and 
the stock market had been sink- _ 
ing rapidly under foe weight ‘ 
of devaluation rumours ana a 
general lack of economic and 
political direction. 

By the time ministers de- . 
parted for brief holidays in 
the middle of the month, foe . 
Government had done nothing 
to alter foe widely held judg- 
ment that it was politically 
feebl e a nd probably destined 
to last no longer than foe nine 
or 10 months granted to most 
of its post-war predecessors. 

Last Thursday’s moves to 
raise the Bank of Italy’s dis- 
count rate from 115 per cent 
to 12 per cent and to impose 
temporary increases In value- 
added tax on consumer goods 
and the early payment of taxes 
by banks and 'corporations, at 
last demonstrated a capacity to 
act — " I tax. therefore I am." 

As a piece of Bhock therapy, 
the action lent substance to the 
recently declared view of Sena- 
tor Nino Andreatta, one of the 
Christian Democrats’ leading 
economic thinkers, that “foe 
party la over in Italy." After 
two years of almost euphoric 
self-congratulation led by Mr 


THE ITALIAN ECONOMY 



,V. r* 




Source; fstftuto taetanaJs par to Slut So data Congkmtuta July t887 


After two years of 


mood has swung 
to one of anxiety 


Ministers begin, drafting foe 
budget today and ids presenta- 
tion at foe end of the - month 
will be scrutinised for evidence 
of a coherent economic strategy. 
One effect of last Thursday’s 
package has been to increase 
foe political pressure on the 
Govemmesut to produce credible 
short-term expenditure cuts and 
a medium-term plan for b ring- 
self -e ongra filiation the ing foe deficit back under con- 

But the immediate problem 
for Messrs Goria and Amato, 
however, was how to respond 
to an economy thawing signs of 
overheating — a situation, not 
dissimilar to .that which 
prompted Hr Nigel Lawson, foe 
British. Chancellor, to .push up 
UK interest rates in July.- Cur- 
rent problems in both. -Britain . 
and Italy are classically ex- 
plained in terms of two med- 
ium-size economies seeking to 
grow at a faster rate than their 
main trading partners. 

Both are now vying with 
Portugal for the honour of the 
year’s highest growth rate in 
the European Community— be- 
tween 3 and- 35 per cent 
Equally positive is the -' rela- 
tively respectable increase - in 


Bettino Craxi, foe Socialist 
Minister for four years until 
last March, foe mood has swung 
to one of anxiety in foe face 
of a deteriorating trade balance 
and new . inflationary pressures. 

While Italy undoubtedly 
needed some such demonstra- 
tion of political determination, 
what was given last Thursday 
seems to have pleased nobody. 
Above all, Mr Goria, Treasury 
Minister since 1983 until he was 
made Prime Minister at foe end 
of July, and hie successor at 
foe Treasury, Mr Giuliano 
Amato, the top Socialist in the 
Government and the first mem- 


Now the 
party’s 
over 


by John Wyles in Rome 


Financial Times Wednesday September 2 1987 


the senior spending mhfigw 
on a budget strategy an* " 
detailed spending cuts. 
may be some scope for as 
crease in taxes inside ■ 

enunenfs commitment to iaain. rj ■ .*, 
tain its taxable income.;^** 1 v*- 
per cent of GDP, but '/*. * - ' 
forecasts are notoriously 'g* ?>.-> 
reliable because of -foe extent 
of tax evasion.- N ew .a nd- higfaw 
health service charges are also 
likely after an annual increase 
in costs over the last four yes» 
of more than 10 per cent 

A coalition agreement on cots" , 

in social spending win be ffifg, 
cult to achieve and to bop!®,' ‘ 
nient. The Chris tian De mocrat 
majority in foe Government 
foe welfare of .the foully 
foe head of its priorities ia the 
election campaign and. win ^ 
fend foe allowances system. 

. Mr Amato, formerly . Mr 
Craxi’s righfoand man when the 
latter was Prime Minister, is ; B 
political star in the, ascendant 
who is making, noises: xbodt 
“severity" and cutting -- got 
waste, hut . he is not lalkteK 
about reducing entitleausts. 

Besides, true spending retain, 
can only be achieved through 
changes in foe law and here 
the Government is confronted 
with the sheer inefficiency hj 
tendency towards extravagance 
of the -parliamentary system. 

- Last yearns, budget proposal 
was accompanied by draft legis- 
lation for reforming pensions, 
which account for two-thirda of 
all central government welfare 
payments. .The legislation ran 
into strong , parliamentary .oppo- 
sition -and duly lapsed wfeu 
parliament was dissolved In 
May. 

- That again raises the {ques- 
tion of whether a' modem 
economy can be 
efficiently under a 



A ... -' 

V* V - 


2% . 3% 

Source: Europe* G unvnh w ta n May 1887 


on salaries by around 105 per 
cent this year and 5.6 per cent 
in 1988-=a total for foe two 
years of at least L10,000bn. 

This bounty, coupled with 

rather less , generous concee- *^em trtdch stutters u haS 
sons in private sector deals, “r ^ rtaiian one. ■: 

has generated increases in real ~ : 

incomes which have led foe 
economic- institute, Isco. to 
forecast that the wages of the 
directly employed will rise by 
95 per cent this year, against 
an increase in consumer prices 
of 5 per cent 

Such prodigal increases in 
disposable income have helped 
to suck in imports at a worry- 
ing rate. Their 'total, monthly 
value in June was; 18.7 per cent 


The country needs a 
comprehensive .. 
revision of die 
public sector 

Despite its lack of consistency 
on foe deficit, foe Craxi Gav- 
eminent had a commodity 'rare 
in Italy: political authority. Its 
higher than, the year before, fall was followed by five 'months 
The . non-oil trade, balance has iff political', inertia fiHed by 


deteriorated by L6,000bn In the 
first six months,, foe surplus 
falling to just L182bn. 

With oil prices now standing 
higher; than they did in foe 


crisis and party fending; General 
elections and then foe laborious 
process of forming a govern- 
ment. 

During this time there was 


- ji-: 


at between L107,000bn and 
Lil0,000bn— -a dismal aggregate 
in comparison with the target 
of LlOO.OOObn set by foe 1987 
budget. Forecasts of next 
year’s deficit range between 


parliament Highly susceptible 
to interest group pressures and 
poorly disciplined at foe best 
of times, legislators prepared 
for foe hustings in foe manner 
of a US Congress and began 


second half' of last year and no .possibility of a cpwectlng ;r *\ 


post have been accused of tak- cent which.-, both economies nnim-nmant «(•< u«ii awnnii* imuiiMir 


post 

ing a lop-sided approach to foe should achieve in 1988. 
economy’s problems. But with foe major OECD 

Conflndustria. foe top bud- economies generating tittle in 
ness organisation, and even foe way of increased exports, 
the Republican and liberal higher than average growth. in 


foe Government may pin itself 
to a target .of .L100 l 000bn — just 
under 10 per cent of forecast 
gross domestic product 

This year’s huge 


overrun 


electa rally appealing projects. 

The damage wrought by 
parliament is not easily quanti- 
fied — one estimate puts it at an 
additional Ll?,0QObn over two 


Partfes'Tvhictr we~part~of The - tfiir twd ‘Countries has become _ owes something to -the long- Or threeyears whflethe Centre 
coalition Government have dependent on swiftly expanding standing structural weaknesses for European Research in Rome 


attacked the package as an over- consumer demand. Since foe in 1 government control Which 
hasty piece of revenue raising benefits of foe falling dollar have pushed up current puhlic 
and credit tightening which and lower oil prices are appar- spending by nearly 300 per cent 
does not confront the nation’s ently_ exhausted, both Italy and since 1980. But it also owes a 
central macro-economic prob- Britain are suffering a worsen- great ' deal to a politically 
lems— runaway public spending ing trade' -Ba&nce and-risks of inspired spending spree in foe 
and foe spiralling public sec- resurgent inflation. Price rises " .. .. 

- - - *- Italy bottomed out late last 


tor deficit. 

The criticism is only half 
justified, although Italians are 
understandably short-tempered 
about having to pay for ever 
more expensive but grindingly 
inefficient public services. In 
fact, foe Government would 
have been more open to (barges 
of excessive haste, and even 
panic, if it had produced spend- 
ing cuts within a month of its 
1988 budget proposals. 


in 

year at an annual rate of 45 
per cent and look likely to rise 
to around 5 per cent this year. 
Last week's Italian measures 
should take around L8,4O0bn 
(£L6bn) out of foe economy 
and help damp down a growth 
in domestic demand which in 
recent months has been soaring 
at an annual rate of 5 per cent 
They should also help con- 
tain the public sector deficit 


run-up to foe general election 
in June. 


Here, much responsibility 
attaches to foe Craxi Govern- 
menfs final months. Mr Craxi 
skilfully polished the image of 
a Prime Minister ready to face 
tough decisions, but by foe end 
of last year, when an election 
began to look increasingly 
likely, he and Mr Goria started 
to go soft on the deficit 
The fact was not lost on 


calculates that LLSOObn was 
added to foe 1987 deficit and 
Ll,200bn in 1988— but it was 
certainly significant And while 
foe Government was failing to 
control foe pork barrel Instincts 
of foe legislators, foe Treasury 
seemed unable to impose its 
own authority within foe 
Government 

The 1987 budget proposal an- 
ticipated pay rises for public 
sector workers of around 4 per 
cent The actual agreements 
negotiated with local authority 
employees, health service 
workers and other civil servants 
were worth around 12 per cent 
and will push up state spending 


exports [struggling for 2 per 
cent growth, .. earlier . private 
forecasts of a current account 
surplus' of around L3,000bn 
(LB592bn.Jn 1988) axe begin- 
ning to look optimistic, despite 
foe latest measures. 

Nevertheless, these should be 
enough for -the time being to 
end foe devaluation talk which 
put foe lira under some pres- 
sure in mid-August and which 
, Mr Amato- bas labelled “un- 
patriotic" in an. echo of past 
British Socialist Chancellors. 

But his four-month, increase 
in VAT on a range of consumer 
goods will only postpone pur- 
chases .and imports to next year. 
Then foe lira could again come 
under attack in foe absence of 
a convincing policy for the 
deficit 

The chances are quite high 
that foe Government may fail 
to produce one. With a young 
and manifestly junior politician 
as Prime Minister and a mini- 
mal level of ' trust between the 
coalition parties, the Govern- 
ment looks short on political 
authority. 

The immediate political re- 
quirement is agreement between 


touch on foe tiller ” for foe 
economy, beyond the Bank of ' 1 
Italy’s behind-the-scenes efforts. 
only partially successful, to 
talk the banks into scaling down - 
their booming loans to private 
industry. - 

Mr Amato, long an evangelist • 
for political and institutional 
reform, said in a weekend news-- _r: 
paper interview that without. i 
change in practices “It is net 
.possible to . satisfy, foe sacro- 
sknet demand tor efficiency and ^ 
for transparency.” He added an 
alarming insight into v --The 
problems he- faces- as Treasury 
Minister. “I am not able to 
manage spending flows and 
neither is it possible for me to 
know what they are.” 

But foe country now appeare 
to need a system of administra- 
tion which can comprehensivdy 
reorganise foe public sector; 
cut out waste and perhaps even 
take back some of the give- 
aways of recent years. AU in 
all, foe next year should be an 
Interesting test of foe business- 
man's thesis still propagated by 
Mr Gianni Agnelli, Flat’s presi- 
dent, that in Italy- weak govern- 
ments are foe best govern- 
ments. 


in 




Llpworth takes 
the chair 

The much-maligned Monopolies 
and Mergers Commission was 
given a new boss yesterday 
when Sydney Lipworth agreed 
to take on foe -post as chairman 
from next year, replacing Sir 
Godfrey Le Quesne who has 
been chairman for the past de- 
cade. 

Lipworth, a part-time mem- 
ber of foe commission since 
1981, is currently deputy chair- 
man of Allied Dunbar, foe 
financial services group of 
which' he was one of ' the 
founders. 

Like his old friend Sir Mark 
Weinberg — foe two men were 
students together at the U adver- 
sity of Witwatersrand — Up- 
worth is an -affable, sun-tanned 
South African. When Weinberg 
was foe life assurance super- 
salesman of foe 1960s and 1970s, 
creating first Abbey Life, then 
Hamfero Life (now AtHied Dun- 
bar), Lipworth was beside him. 

While he does not have Wein- 
berg’s reputation as an expert 
on foe law of mergers and take- 
overs, he has his own special- 
ised field ; foe design of life 
assurance products, about which 
he still writes in Allied Dun- 
bar’s handbooks for private in- 
vestors. Like Weinberg, now 
deputy chairman of foe Secu- 
rities and Investments Board, 
he has also been closely 
involved in the creation of foe 
UK’s new self-regulatory frame- 
work for foe marketing of life 
assurance. 

. He lakes over at foe commis- 
sion at a. time when its purpose 
a nd f unction is under close 
scrutiny not only within White- 
hall — - where an Internal com- 
mittee is considering its future 
— hut also when it is under 
attack from foe business, world. 

The CBI, for instance, has 
taken a sharply critical line 
with what it sees as foe com- 
mission’s ponderous practice of 
sitting in judgment on commer- 
cial takeovers. 

The uncertainty over foe 
commission's future may have 
been one reason why the De- 
partment of Trade and Industry 


Men and Matters 


turned to head-hunters Tyzack 
6c Partners to find foe right 
chairman for foe job. 

Tyzack are no strangers to 
finding top public-sector 
appointments — London Trans- 
port’s Sir Keith Bright was one 
— and they carried out a wide- 
ranging search before deciding 
that there was no better can- 
didate for foe job foam Lip- 
worth, the man closest to home. 


Knill waste 

Did foe Government snob its 
scientific advisers in June when 
it failed to consult them before 
abandoning its controversial 

f lans for shallow repositories 
>r low-level radioactive’ waste? 
The advisers demanded, and 
got, a meeting with ministers 
shortly after the election. “Yes, 
and xu,” was the answer given 
to the advisers, says Professor 
John Knill, foe new chairman 
of the radioactive waste man- 
agement advisory committee. 

“Yes" in so far as foe Govern- 
ment had taken its decision not’ 
on grounds of the best way of 
protecting foe public, but simply 
on grounds of cost "No,” be- 
cause be found the Govern- 
ment’s need to act swiftly, 
“understandable." 

Knill, aged 52, steps into a 
hot seat left vacant since Pro- 
fessor Paul Matthews, foe 
Cambridge physicist, was killed 
in a car accident' last winter. 
Matthews bad left no one in 
any doubt that he believed the 
government was dragging its 
feet in radio-active waste man- 
agement policy. 

KniH, who is a cordial and 
outgoing man, has been pro- 
fessor of engineering geology 
at Imperial College, London, 
since. 1973, and ihead of the 
geology department since 1979, 
He -is also a member of foe 
nature conservancy council and 
says: “Wildlife is high on my 


own list of interests.” 

He staunchly defends the 
integrity of the committee he 
has served for the past 18 
months, in foe face of some 
sniping about the Inclusion of 
representatives of foe nuclear 
industry. 

“We do some very useful 
work which deserves more pub- 
licity than it gets” . . ... “I 
have never felt that we have 
had information held back by 
any member of foe committee. 1 

Answering critics of nuclear 
waste disposal he declares he 
would have no hesitation in 
drinking “Drigg water” from 
foe nuclear waste repository of 
British Nuclear Fuels in 
Cumbria. 


Biting back 

For years foe advertising in- 
dustry has complained about 
the lack of control over where 
advertisements ate placed on 
television. 

The cost of television 1 airtime 
has gone ever upwards, but if 
an adventure movie was re- 
placed at the last minute by 
something likely to switch off 
foe viewers, so far as foe ad- 
vertisers were concerned that 
Was just bad luck. 

Brian Jacobs, media director 
of Leo Burnett Advertising got 
his own baeik at foe Edinburgh 
television festival, when he gave 
rrv a special award for rele- 
vance in foe placing of tele- 
vision advertising. . 

It . went to an ad for Stera- 
dent toothpaste, sensitively 
{dated in foe middle of .The 
Tube, Channel 4's pop music 
programme. 


Asian Spirits 

Rolls-Royce Motors- yesterday 
handed over foe largest single 
order by value that foe Crewe 


company has ever received - 
eight Rolls-Royce Silver Spirits 
worth £994,000 for the Penlc 
sula Hotel, Hong Kong. 

The cars will be used to 
transport guests between foe 
hotel and Hong Kong’s airport, 
as well as for sight-seeing tour:- 
and shopping trips. The flee: 
is foe fourth bought by foe 
hotel since 1970. Lincoln Con- 
tinentals from foe US were 
used for two years from 1974. 
But public demand brought a 
return of the Rolls-Royce ser 
vice. 

The cars they will replace 
have completed 130,000 miles 
each, and will go elsewhere in 
the Hong Kong and .Shanghai 
Hotels group, which owns foe 
Peninsula. 

Rolls-Royce produces 52 cars 
a week. Each takes three 
months to build from start to 
final road test 

The Peninsula claims that its 
fleet is unique. It employs a 
team of 17 chauffeurs to operate 
it and a Rolls-Royce trained 
engineer to service foe vehicles. 


Unknown soldier 

A bank general manager rang 
one of his minions seeking data 
on a client 

“ Too busy,” came the 
brusque reply. The manager 
repeated the request, but in 
vain. 

“Do you know who you’re 
talking to?” asked foe man- 
ager, testily. “I am foe general 
manager.” 

There was a pause at the 
other end of foe line and — 
then came an anxious: “ Do 
you know who you are talking 
to?” 

“ No,” said the general mana- 
ger. 

The minion's voice sounded 
warmer. “ That’s a relief — 
Good Bye.” 


Lost for words 

In a women’s dub near London 
a notice has gone up. “The 
Quiet Room has been shut owing 
to lack of use by members.” 

Observer 


FER 

DE LANCE 


fffft S5B&, 


. Jilted 



Privatisation is proceeding full tile, in France just ~ m the UK.. 
Socm Generate Merchant Bank pic is established as a spear- 

Qty ? f I f nd . on ** S 0 **** Generate, Paris - tine erf 
the worlds premier banks, recently privatised iself. 

The merchant bank is known for proven.and natural esoertise 
m acting for-Bntis/i institutional investors in French equities, 
bonds and investment products. 

OurMaiket Making capability in French stocks is one example, 
of this expertise. i 

OurFrcndiSmjnd Marcte and Crow* Fund, recogoised as 
the top performer m its sector, is another. « 

"Wte also provide all the international services of a traditional 
merchant bank finance and capital markets, credits, 
syndications and trade finance, treasury and foreign exchange. 

Please Kerre FdHguet, Managing Director; for more 
about the French merchant bank in foe Orycf 

SOCliri GiNERAIM MERCHANT BANK pic 
7th floor 69 Gracechureh Street; London EC3V GEL 
Telephone: 01-626 5622, Fax: 01-626 4190, Tde* 8812527. 

The. French merchant bank in the City of London, 


'■'iu.-'l 


\ 









21 


Eli&ndal Times Wednesday Sept^nber 2 1987 


A. H. Hermann says the UK Law Lords could learn from the US and West Germany 


ar*-. 

t2 

••n i ■ 


T.> Q. 

5 

lr*' • 
‘-*5 

•*=s • 

’s&i 

«•-- 

33 

-j^Cs 

fj’ •> : 

-?:r> 


wr ' fra. . . 

brought the : supreme /tribunal 
oLthfe UK a tfogree iiif . public 
attention oonnafiy enjoyed 
only by Supremo- Court of 
ft® US and the <kmstltational 

- Court of . 

^Contrary to , popular belief 
the nine Lew Lords do not- wear . 
wi£& Mellowed in advanced ■ 
“mate age,' they ate : soberly 
dress ed in the fashion of civil 
servants and not at all pompous. 

Since theyaH started OHt as 
barristers, - they ; could be 
MScnbed astite finest in a fine 
« poachers turned game* 
-teepers, 

j.- Although .many of have 
demonstrated an interest in the. 
broader issues of law,, Justice 

- and democracy. abstract or 
academic thought rarely enters 

rlnto their ' Judgments.' These 
pre dominated by their practical 
experience ot disputes, which 
Ahey argned as banisters -or 
.advocates'. -hi their formative 
years and later decided 'as 



Thia varied experience also 
.draws on activities oiitsWe tfcetr 
judicial role. Of the minority 
who .dissented over the Spy- 
catcher decision. Lord Bridge 
was for years' 'chairman of the 
.Security Commission, the body 
??hich supervises the security 
services and Is nothing it not 
ja.:fcjghiy convebtionpi .and.Tcon* 
jservative judge. .The other, dis- 
. renting- voice, Lord^Oliaei;: oh 
the -Other band demonstr a ted a 
progressive spiril in bis report 
oo the Chancery Division of the 
3Kgh Court, deling mainly with 
'probate, company law and 
.^patents. ■ 

" Turning to those who. tool: 
the opposite - line, . the 
-differences are -. far - from 
obvious. ■ Lord Brandon. :a 
cricket fan, is a judge with a 
strong head and heart, hot still 
very much a 41 letter of the 
law ” man. He is perhaps the 
most reticent-of the five pn . the 
.rase—^nd the one winse views 
'had the widest aecIainOn. the 
legal profession. Lord Temple- 
man, who was the ateopgest nro- 
‘pouent of the .Gavermnentis line 
on Spy-catcher* — and same : of 
.whose , recent judgments have 
provided CritidSmfor paymfg 
little regard to business reality 
—is widely believed to be a 
Labour Party supporter. Lord 
Ackner, who gaitied renown as 
an aggress i v e -QC, collided with 
the press oyer the Tha lidomide 
case, yrhep^ tiie Sunday Times 
in particular fought both for 
4he victims of the drag and for 
press freedom. - r ■ .. 

Simflarty, one could go 
. -through -the. record of . the . re- 
maining four low Lords, Lord 
Griffiths, Lord Brightman. Lord 
dCeith and Lord Ooff, without 
for . : . J- •• 


From left; Lords Bridge and OUver, the minority who dissented over the Spy catcher decision, 
.. and Lords Test pieman and' Ackner, who upheld .the Government line. 


When experience 
is not enough 


estabEriiiiig any' clear link 
between their background -and 
the decisions they fake. 

; The unpredictability of the 
Law Lords Is a problem. 

■Personalities apart, there 
were - always two types of 
approach. One, taking its roots 
frpm the founder of modern 
.English law. Lord Mansfield, 
and now associated with Lord 
Penning, seeks to interpret the 
laW to achieve justice and up- 
hold civil liberties. The other 
believes the judge’s duty is to 
uphold, law rather than justice, 
and puts the authority of the 
State above the claims of indi- 
vidual pud public liberties. 

Aa explanation of the diffi- 
culty of dealing with a conflict 
between claims of . .confidenti- 
ality and freedom of the press 
was offered by Lord Scarman. 
Labis view, English judges are 
not used to dealing with pub- 
lic law and .constitutional ques- 
tions, but rather derive their 
: expe ri ence • and 'intellectual 
habits from . flwwHiig disputes 
between private parties. And 
the cases to them on the 
basis of an automatic right to 
appeal, or leave to appeal 
granted by a lower co u rt. 

Things are very different in 
the US where the Supreme 


Court derides only appeals of 
its choice. It selects those 
which involve issues of consti- 
tutional or political import- 
ance. 

The US Supreme Court has a 
tradition of guarding and inter- 
preting the constitution, and 
keeping a balance between civil 
liberties and the power of Con- 
gress and tiie President 
although their determination of 
that balance varies according to 
need and their political views. 
For this reason, the appoint- 
ment of the Justices is leas 
simple' than in the UK. 

Another important difference 
between the Supreme Court and 
the Law Lords is the number 
of judges taking part in indi- 
vidual cases. 

While only five Law Lords 
form the bench, all nine 
Justices of the Supreme Court 
participate In every decision. 

While the Law Lords work 
without help, and discuss the 
problems only within the Inns 
<rf Court where barristers and 
judges meet, the Justices of the 
Supreme Court have the back- 
ing of an efficient research 
»d«HMimpn t. Each of them has 
the' assistance of three young 
lawyers and two secretaries 
who, with the Legal Officer of 
tire Court and the Library, 


collect a wide range of faetual, 
political and legal information 
bearing on the issues before the 
Court. Numerous drafts are 
circulated through the com- 
puter system for comments 
often from all the judges of 
■the court, not only those 
deciding the case. 

It has been suggested re- 
cently that the Law Lords 
should be constituted as an in- 
dependent Supreme Court and 
that all nine should deal with 
every ease. Earlier, Lord 
Denning came down in favour 
of extending the power of 
judges to review legislation, as 
in the US. 

But to perform greater tasks, 
the reconstituted Law Lords 
would have to be better 
equipped. At present they oper- 
ate with just one secretary be- 
tween them. They work mostly 
from paper, studying judgments 
and written submissions. To 
clarify crucial points, they hold 
brief oral hearings in the com- 
mittee zoom of the House. Their 
consultations and deliberations 
are informal — perhaps taking 
place in the corridor or .-over 
lunch. 

Steered by the Senior Law 
Lord, they agree who will write 
the majority opinion, or the only 
opinion if they all agree. After 


about six weeks, they announce 
their decision in the Chamber 
of the House, calling their 
opinions 44 speeches " and pre- 
tending that the decision was 
adopted by the whole House 
after a debate which never took 
place. 

In addition to constraints dic- 
tated by ancient tradition, the 
Law Lords suffer from a lack 
of specialisation, in France, 
for example, the work is 
divided between the Conr de 
Cassation (supreme court of 
appeal) and the Conseil d’Etat 
specialising in judicial reviews 
of administrative decisions. 

In West Germany, the 
specialisation is even greater. 
In .addition to the Federal 
Supreme Court, dealing with 
civil and criminal appeals, 
there areihree separate hierar- 
chies of courts dealing with 
a dminis trative, financial and 
labour disputes and appeals. 
Germany also has the equiva- 
lent of the US type of judicial 
review of legislation through 
the Constitutional Court. 

The influence of the German 
Constitutional Court on legisla- 
tion and its interpretation by 
the executive and the courts is 
enormous. Any citizen can com- 
plain to this court when he has 
exhausted the ordinary judicial 
processes and feels that the 
constitution or the Grundrecht- 
gesetz (Bill of Rights) has been 
infringed. Every court, low or 
high, has the duty to scrutinise 
the constitutionality of the law 
it is asked to apply. If dissatis- 
fied, it refers the issue to the 
Karlsruhe watchers of the con- 
stitution. They are the ultimate 
umpires in -power conflicts be- 
tween the legislature and the 
executive and between regional 
and federal organisations. 

Giving such great powers to 
judges goes against UK tradi- 
tion. But there may be a case 
for incorporating the European 
Convention on Human Rights 
into UK law and for giving 
greater scope to the Appellate 
Committee of the House; This, 
however, would mean not only 
providing judges with greater 
assistance, an the US model, 
but also drawing them from a 
wider circle. 

A Judicial Commission, the 
establishment of which was 
proposed by the Alliance in the 
ruiHip to the General Election, 
would select judges for the 
highest court who represented 
both the various legal discip- 
lines and different habits of 
thought Academics would be 
brought in as well as prac- 
titioners from both branches of 
tiie profession. By setting prac- 
tical experience within a frame- 
work of fundamental principles 
of human rights and legal 
theory tile judicial process could 
be made safer and more predict- 
able. • 


The two Germanys 

Don’t over-react to 
Mr Honecker’s visit 


ERICH HONECKER, the head 
of state of the German Demo- 
cratic Republic, is to visit West 
Germany next week. Ever since 
the visit was announced in July 
it has given rise to a stream of 
speculative interpretation which 
reflects more the confusion in 
Western minds than the facts 
governing relations between the 
two German states. 

As a former Permanent 
Representative for West Ger- 
many in the GDR, I have been 
interviewed more than a dozen 
times about the significance of 
this visit. What ideas came up ! 
Is Honecker bringing to Bonn 
an offer from Gorbachev over 
the 14 German question” which 
would extract the Federal 
Republic from the Western 
camp and overturn the situation 
in Europe ? Are we now at the 
threshold of German reunifica- 
tion ? 

At the root of such questions 
lies suspicion of the enigmatic, 
unpredictable Germans. 

Those who have contributed 
to the detente of the last 15 
years between the two Ger- 
manys view with bitterness the 
fact that patient efforts towards 
progress have left perhaps only 
a superficial i m p r ession on the 
public consciousness. Concrete 
achievements since the begin- 
ning of the 1970s for the people 
in both Germanys are imme- 
diately forgotten when some- 
thing which is regarded as a 
sensation is announced. 

In fact, tiie planned Honecker 
visit is in no way sensational. 
It is merely the logical result 
of a policy under which the 
West, including the Federal 
Republic, has recognised the 
German Democratic Republic 
as a sovereign state. 

The very last thing the visit 
is about is German reunifica- 
tion or any stop towards it, If 
the policy of reunification were 
to cross over from the Sunday 
speeches of some West German 
politicians into policy, then 
encounters between the two 
Germanys could scracely .take 
place at an. That would be 
the case not only for official 
meetings between politicians 
but also — and above all — for 
the cross-border travel by 
private individuals which has 
risen hi such a welcome fashion 
as a result of post-recognition 
detente. 

That is not to say that these 


by Gunter Gaiis 


improvements are satisfactory 
The easing of humanitarian and 
political problems between two 
states bom from a divided 
country still requires much 
mutual understanding and 
respect 

In any case normalisation — 
with great patience, always with 
the threat of setbacks — can 
only be relative; the border 
between the two German states 
will separate the two world 
blocs for the foreseeable future. 
But how much has already been 
achieved in human rights com- 
pared with the politically 
barren days of the Cold War? 

In fact, the present basis of 
European detente is insuffici- 
ently understood by large 
sections of the Western public. 
At the risk of seeming like a 
German schoolmaster, I must 
reiterate a fact which is clearly 
not taken seriously enough in 
some quarters, or which is 
becoming overshadowed by 
ideas about whether the East 
bloc is about to totter. Full 
recognition of, and continued 
respect for, tiie European status 
quo in the balance of power is 
tiie only way to achieve gradual 
changes towards more under- 
standing of political, security, 
economic and humanitarian 
questions across the whole of 
Europe. 

As soon as one side in tins 
long and difficult process tries to 
achieve victory — in whatever 
form — then the process of 
relaxation comes to an end. At 
that point, there can be no more 
discreet compromises between 
General Jaruzelski, the Catholic 
Church and Solidarity, and no 
more meetings between the two 
Germany, 

We need to understand that 
in a Europe of reduced tensions, 
summits between the two Ger- 
manys will take place naturally. 
The question as often raised 
whether Moscow would permit 
this to happen. But this reflects 
the well-loved cliche that East 
bloc states are ruled by remote 
control from Moscow with no 
political room to manoeuvre 
on their own. 

However, the economic re- 
forms in Hungary over the past 
decade (which will still possibly 
fail even without pressure from 
Moscow), as well as events in 
Poland, show that the Soviet 
Union’s allies have been able 
to develop a certain limited in- 
dependence. 


The GDR may never be in- 
dependent enough to decide 
freely over a question which 
the Soviet Union sees as a 
matter of life and death. But 
is not the same true for the 
Federal Republic vis-a-vis the 
US? Do not the two German 
states — in different ways, 
governed by their respective 
political systems — bear a his- 
torical “German burden” as a 
consequence of the Second 
World War in which an un- 
divided Germany was van- 
quished? 

The forthcoming Honecker 
visit, fortunately, is a question 
of life and death neither for 
Washington nor for Moscow. It 
cannot be as long as the Ger- 
mans and their respective allies 
do not desert the European 
status quo. To call this into 
doubt, even in a rhetorical way, 
as travelling western statesmen 
sometimes do to please their 
voters, ignores the evolutionary 
improvements in Europe in 
matters of human rights or 
freer travel. 

The psychological and social 
Changes in the East bloc, in- 
cluding tiie GDR, are more ad- 
vanced than most people in the 
West are willing or able to per- 
ceive. The communist states 
are certainly not on the way 
towards a pluralistic system. 
But for example, in the GDR 
there is a degree of Church 
intervention in public affairs 
which was unthinkable 15 years 
ago. These efforts are geared 
not so much to unification with 
the Federal Republic, as to- 
wards a reform of East German 
society; this without throwing 
into doubt basic principles of 
tiie GDR system like the 
socialised economy. 

Undoubtedly, there is a need 
tor reforms in the East bloc, 
but their success is not certain, 
and they bring with them a cer- 
tain unavoidable destabilisa- 
tion. The West could make the 
fatal error of trying to exploit 
these reforms exclusively tor 
its own good. That would dash 
for a long time chances for 
positive changes in Europe. Mr 
Honecker’s visit, on the other 
hand, serves the patient search 
for compromises. In tiie interest 
of the whole of Europe, sum- 
mits between the two Germanys 
should become regular events. 

T/it author was tha West Gorman 
rmprasantativt fwfifi similar status to 
ambassador] in the GDR betwaan 7974 
and I9BT. 


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'the Golf 


From ComTUOuder Junes 
Hamilton 
. . Sir, — President Reagan Ms 
, done the world's family, of 
'-nations a disservice by condon- 
ing the reflagging of neutral 
stopping apd placing it under 
the protection national war- 
. ships, and. it . is to beL hoped 
that Britain will , not entourage 
the practicer at best a provoca- 
tive rase. . 

It is impossible to lay down 
“rates” tor combatants ..en- 
gaged in a life-and-death strug- 
gle and : destruction of each 
other’s joji installations is as 
44 legitimate ”' ‘ dir' otherwise as 
any w^lffte net, but- tixe point, 
now at issue. in. the" Gutt-tnotl 
a fine point but fundamentals 
is the abfiity of the world’s 
neutral shipping la proceed tm- 
hindered upoq. ifa lawful occa- 
sions. To that end it Js from 
the UN that- firm leadership 
should have emanated: that, the 
world family of nations simply 
will not stand ipr piracy -on Cor 
the mining of) international or. 
neutral waters. ' 

- In the continued absence of 
a world police ' force behind 
international law, the UN 
should have backed its demand 
with a request to all member- 
states tor contributions to tiie 
maintenance of a UN force to 
guarantee freedom of passage 
National warships comprising 
such force should fly UN battle 
ensigns as proudly as they. — 
including the- Royal Navy — ffy 
their own; they are acting for 
the whole world co mmuni ty. • 

By contrast, to reflag neutral 
ships and escort them by 
national warships is to destroy 
their neutrality and virtually to 
make them combatants in a war 
not of their choice. What next 
if a US carrier is sunk, blaring, 
with most of her complement? 

Our 'Prime Minister’s, com-' 
ment while on holiday in Corn- 
wall -that- because British ships 
were at risk we should change 
our mind* : re minesweeping 
was Victorian, to say the lewt. 
But General Qbasanjo was right 
We have already surrendered 
the moral ..leadership of the 
Cn wimmipMltii: OUT exports tO 
South Africa are deemed more 
important than the righto of 
man. The Gulf provides another 
tmportmiity for . internation- 
alism legitimate cause and 
tor the -good :of alL , That .as 
swell: aa tot ; mare survivals 

Ftfnoqj/ Brice* 

}irfprti(i Water, Su rreg. 


NZ irntterm 

" ihe' :IJK • : ; 

Rdsm *• 

Six, — : Mr. .Ian: -Robinson 
(August 28)’ entirely missed the 
gak* I was making- about: New 
Ze riand butter imports and I 
ran that I certainly 

Wfeve that butter pro- 
auetiem "should be susbidised 
anywhere., i - ; 


Letters to the Editor 


The point at isnp is whether 
or hot it is sensible, either 
morally or financially, to pay 
New Zealand to manufacture 
and stop 74,000 tonnes of butter 
this year into an already grossly 
oversupplied British market, 
when in fact this butter will 
cost the United Kingdom some 
three times the amount the 
New Zealanders actually 
receive. 

The moral- debt owed by 
Britain to New Zealand must be 
paid liut hot in a way which is 
so finandally^toollsh- ‘ 
Anthony Rosen. 

FoxhfU, 

Elste od, Surrey . 


Polarisation is 
impossible 


From Mr jS. Chopell 
' Sir,— -It seems to me that the 
Principle of polarisation is, and 
always was going to be. 
impossible to adhere to nnless 
and until there is complete 
separation between the indepen- 
dent intermediary and the 
appointed representative. 

It makes a complete nonsense 
that an organisation be it a 
bank, . insurimee-! , company, 
building society .or other finan- 
cial: institution esn be both an 
Independent intermediary and 
ah-;, .appointed representative. 
To take an example the Abbey 
National Building Society is to 
become an'-, appointed repre- 
sentative of Friends Provident 
life Office. -In addition the 
society fa -also • to have an 
independent intermediary com- 
pany, called Abbey National In- 
surance Services. I have no Wish 
to single -out Abbey National, 
as the same or similar set-up 
ran be tound -elsewhere in the 
financial services, sector. 

Because of the inherent con- 
flicts of interest and the fact 
that it will almost be impossible 
to stop a cross-flow of business 
between the two parts of the 
one organisation ihese arrange- 
ments should be made unlaw- 
fuL :. 

Several years ago in the 
Lloyd’s insurance market, the 
Fisher report advocated tiie 
complete divestment of insur- 
ance brokers interests in 
Lloyd's managing underwriting 
agencie s. This was to prevent 
both perceived and real corn 
flicts of interest and abuses of 
power. The writer foresees 
similar abuses of power where, 
at least in the mind of the 
general public, there will be 
no real difference between 
Abbey National Building 
Society as an appointed repre- 
sentative and Abbey National 
Building Society as an indepen- 
dent intermediary. _ Again, 
apologies to the Abbey National 
for citing it as an example. 

This issue mid the issue of 


full disclosure of rommissions 


have not been dealt with en- 
tirely satisfactorily from tiie 
standpoint of investor protec- 
tion. Undoubtedly, vested 
interests have shaped the law 
Into what it is today and only 
time win tell whether the in- 
vestor is any better served in 
future than he is today. 

Stuart Chapell, 

Advisory & Brokerage Services, 
317 High Holbora HTC2. 


The boMnemg 
Welsh 


From Mr J. Moss. 

•Sir, — It was with great 
interest that I read (August 24) 
the article concerning the 
Welsh economy. The prevailing 
optimism of the article 
appeared to be based on two 
sources of evidence; the bul- 
lishness of organisations 
actually designed to promote 
the attractiveness of Wales; 
and the empirical evidence of 
the years since the recession 
bottomed out in 1981. 

While it is indeed true that 
Wales has grown more rapidly 
out of the recession, this is not 
unusual. The business cycle has 
typically been more volatile in 
Wales than for the UK as a 
whole. This has meant that, 
historically, the growth rate in 
Wales, between each peak, has 
had both a lower m ea n , and 
greater variation. Thus. Wales 
falls further in tiie recession, 
but rebounds back more 
strongly than the UK economy. 
As such, it is not possible to j 
conclude that tiie strong j 
growth currently felt by the 
Welsh economy reflects restruc- 
turing of that economy, rather 
it may only be a repetition of 
past precedent. 

In considering the evidence 
for restructuring, you illus- 
trate In detail industries which 
account for only 8.9 per cent 
of Welsh employment, in order 
to show comparability with 
employment in Great Britain. 
This ignores the significant dif- 
ferences which remain in the 
rectors which have been left 
gregated: extractive, other 
manufacturing and services and 
construction. In particular, 
Wales, remains overweight in 
metal manufacture and public 
adminis tration and defence, 
but underweight in banking, 
insurance, and finance and 
distribution, catering and 
hotels, which are among 
the most rapidly growing 
sectors of tiie recent past 
and which accounted for 25.41 
per cent of employment in 
Wales, but 30.19 per cent in 
Great Britain. Indeed, employ- 
ment in private sector services 
has been falling in Wales in 


recent .'years in contrast' 'to 
what is happening nationally. 

Therefore, while there are 
indeed signs of resurgence, it 
would appear premature to -con- 
clude that the Welsh economy 
is entering a new era. 

J. S. Moss. 

University. College, 

FO Box 78, Cardiff. 

Electoral 

systems 

From Mr D. Dale. 

Sir, — As one of the 23 per 
cent of voters who supported 
the Alliance in the June elec- 
tion, and who firmly believes 
that the present policies of 
both the Conservative and 
Labour parties are unaccept- 
able, I find your leader of 
August 28 of no help. 

It is high time for the British 
to show their political will- 
power and change their elec- 
toral system. There are clear 
signs that the Labour Party 
is beginning to realise that it 
is going to remain in opposition 
indefinitely under first past the 
post. There is only one nononr* 
able way for Labour and the 
Alliance to put an end to this 
iniquitous situation and to give 
the country a government of 
which the majority approves. 

Before the next election 
these two parties should have 
an .election pact for the sole 
purpose of introducing propor- 
tional representation. They 
should agree not to oppose each 
other in any constituency and 
they should give a firm promise 
that, if they together gain a 
majority, they will immediately 
introduce an electoral reform 
bill. They should further pro- 
mise that, as soon as this was 
on the statute hook, they would 
bold another election. Their 
pact would then end and they 
would become free agents 
again under tbe new regime of 
PR. 

The country would, in this 
way, have tbe opportunity to be 
rid of minority governments 
for good. 

Douglas H. Dale, 

$7 Eflderstone Road, 

Metr Heath, 

Stoke-on-Trent, 

Third Heathrow 
runway 

From Mr W. KeUu 
Sir, — I agree wire Mr Lucking 
(August 25) that Heathrow 
needs a third runway, but it 
would be very difficult to rite 
safely. US experience shows 
that oddly orientated or closely 
adjacent runways have signifi- 
cant collision risks. 

How about N ortho It as the 
third Heathrow runway? It is 
probably far enough from 
Heathrow to be operated 
separately but close enough to 
be just another terminal with 
tbe consequent ease of inter- 
lining- Such a solution would, 
for once, put the customers 
first 

W. E. Kelly. 

25 ChippingdeU, 

Wtthosn, Esses.. 




.OP you. want 

Ca^ shJhJhJ 


IF you want up to 80 % of your 
outstanding invoices paid now. 

IF you want the balance when 
your customers pay. 

IF you don’t want anyone to know. 

IF your turnover exceeds £750,000. 

You want 

Confidential Invoice Discounting 
New Business Manager 
Freefone: 0800 521371. 


Confidential 
Invoice 
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Head Office: P.O. Box 240, Sovereign House, Queen’s Road, Brighton BM 3WX. A member of the Lloyds Bank Group. 

















TOTALLY OBJECTIVE 
CORPORATE FINANCE ADVICE 


FINANCIAL TIMES 




Wednesday September 2 1987 


TELEPHONE: W 0M89198D 


Nikki Tait and James Buchan analyse US and UK developments in a major bid battle 

Poker game played over Newmont Mining 


h - 








.Wj 1 ' 

f \| t^W y ") 

mzsiik 


TJSoone Pickens: Texas oilman 
plans 56bn bid. 



I W . n u v 'v 

St'-::,. 


:s; -v^V. 

Rudolph Agnew: chairman of 
ConsGold which holds a 36 per 
cent stake. 

Philippines 
forces chief 
calls for 
urgent talks 

By Roger Matthews In Manila | 

GEN FIDEL RAMOS, Chief of 
Staff of the Philippines armed 
forces, yesterday appealed over 
the heads of the country’s politi- 
cians to the general public for a 
non-partisan effort to stabilise 
the nation in the wake of last 
week’s attempted coup. 

In a statement addressed to 
oar people,’ Gen Ramos said 
consideration of all other issues 
had to be put off while a coor- 
dinated series of immediate 
and long-term plans were put 
into effect 

He called for an urgent meet- 
ing of the National Security 
Council to which the leaders of 
the newly elected Congress 
would be invited but admitted 
that this was a personal initia- 
tive which he had not discussed 
with President Corazon Aquino. 

He said that last weekend’s 
events had reduced the capaci- 
ty of the military to confront the 
most potent threat to the nation 
posed by the Communist Party 
and its armed wing, the New 
People's Army- To this threat, 
and that of the Moslem seces- 
sionists in the south, had been 
added the rebel officers, who, 
according to Gen Ramos, were 
setting up a provisional govern- 
ment under a military junta. 

He called for strong civilian 
support for the armed forces- 
and said that the issue of sol- 
diers' pay warranted the high- 
est priority, Gen Ramos had al- 
ready demanded a 60 per cent 
pay increase for his men and re- 
vealed that in the Government’s 
proposed budget for next year it 
planned to cut defence spend- 
ing from 742 per cent to 6 per 
cent Present pay levels left 
most troops at about the official 
poverty line, he said. 

Gen Ramos has been heavily 
criticised by advisers close to 
Mrs Aquino who are privately 
accusing him of failing to sort 
out the problems within the mil- 
itary establishment. He is also 
understood to be deeply wor- 
ried about the extent of the divi- 
sions within the army and the 
lack of urgency shown by Gov- 
ernment and Congress to begin 
tackling their root causes. 

Asked if he expected another 
coup attempt. Geo Ramos re- 
plied that, while the main infec- 
tion within the armed forces 
bad been removed, other trou- 
bled parts possibly remained 
undetected. 


"A POKER game," was how one 
London analyst summed up de- 
velopments at Newmont Mining, 
the US gold mine and natural 
resources group, where UK- 
based Consolidated Gold Fields 
holds a 26 per cent cent stake 
and Texas oilman, T. Boone 
Pickens, has revealed plans for 
a $6bn bid. 

"What's more," be predicts, 
"Newmont will crack last - Gor- 
don Parker (Newmont's chair- 
man) plays a good game or pok- 
er." 

Both Newmont and ConsGold 
were keeping their cards close 
to their chests yesterday. Offi- 
cially, ConsGold’s only response 
Is to repeat the earlier state- 
ment of Mr Rudolph Agnew, the 
chairman, made when Mr Pick- 
ens’ consortium raised its stake 
to 9.95 per cent and requested 
talks with the UK company. 
This made clear that ConsGold 
"has faith in the management of 
Newmont", wants to see re- 
tained independence, and does 
not wish to take control. Beyond 
that, the UK group concedes on- 
ly that it is discussing the situa- 
tion with Newmont, and that it 
has not been in contact with Ur 
Pickens. 

The histoiy of ConsGold’s 
stake in Newmont has not been 
entirely happy. In early 1981, 
the UK company acquired 7 per 
cent through the market and in- 
dicated that it would like some- 
thing between 25 and 50 per 
cent A 26 per cent limit until 
the end of 1984 was initially 
agreed - a level ConsGold was 
close to reaching two years be- 
fore that 

The UK company has so for 
stuck at just over 26 per cent 
but carefully maintained that 
level back in June at the cost of 
some £40m ($85-2m) following a 
$45*-share placing by New- 
mont 



From the UK company's 
point-of view, Newmont has 
formed part of the general di- 
versification strategy- in partic- 
ular a whiffing of investments 
away from South Africa. Ten 
years ago, over half ConsGold’s 
income came from South Africa. 
It is now nearer 20 per cent In 
terms of gross income received, 
ConsGold estimates that the US 
and UK account for about 30 per 
cent each, and Australia the 
balance. 

But Newmont has only recent- 
ly "come good"- after a series of 
divestments, a reallocation of 
resources towards gold and 
coaL and the spinning off of cer- 
tain small states to fond new in- 
vestments. The last factor com- 
plicates the record, but in share 
price terms - and helped by Mr 
Pickens interest - there has 1 
been a near five-fold increase 
over the past year. 

Ground-rules governing the 
arm’s length relationship be- 
tween ConsGold and Newmont, 


however, have now been 
changed by file Pickens bid. The 
33 per cent limit should lapse 
on two grounds: the Pickens 
consortium has topped 94) per 
cent and a bid has emerged. 
However, what -does still held 
good - quite crucially - are New- 
mont’s articles which state that 
anyone with a holding which 
tops 20 per cent can block any 
rearrangement or disposal. 

That leaves ConsGold with 
several basic options. Firstly, it 
can take Mr Pickens' money. Its 
28 percent stake has been built 
up at a cost of $S18m. On the 
Pickens’ terms that becomes 
worth $L65bn. 

Option two is to back New- 
mont and call Mr Pickens’ bluff 
In New York the market is not 
entirely convinced that the Tex- 
as oilman and corporate raider 
can finance a hostile tender of- 
fer of around $8bn if, as expec- 
ted, Newmont Mining Ignores or 
rejects his proposal Analysts 
say that even if Mr Pickens is 


UK overseas trade deficit 
widens as imports surge 


BY PHILIP STEPHENS, ECONOMCS CORRESPONDENT, M LONDON 


A RENEWED surge in imports 
left Britain’s overseas trade in 
deficit for the third consecutive 
month in July despite signs of 
an improvement in industry’s 
export performance. 

The Department of Trade and 
Industry said that the country’s 
visible trade showed a deficit of 
£910m ($L47bn) in July, up from 
£740m in June. The shortfall 
was only partly oCfretby an esti- 
mated £600m surplus on invisi- 
ble trade - net receipts from ac- 
tivities such as tourism, 
shipping and insurance. 

That left the current account 
of the balance of payments with 
a E310m deficit, confirming the 
deterioration apparent over the 
last three months after a 
healthy surplus between Janu- 
ary ana April. 

News of the Increased deficit 
initially unsettled London’s fi- 
nancial markets, but both the 
pound and share prices quickly 
shrugged off early losses as the 
focus of market attention 
switched to a further weakening 
in the dollar's value. 

Many City economists remain 
concerned about a further wors- 
ening of the trade position if the 
economy continues to grow at 
its recent rapid rates. Those 
fears have been compounded by 


a surge in credit demand, con- 
firmed yesterday in final fig- 
ures for the growth of the money 
supply in July. 

■There is little expectation, 
however, of aqy immediate ac- 
tion from the authorities to 
dampen demand through higher 
interest rates. Officials were 
pointing out yesterday that lit- 
tle had changed since last 
month’s decision to raise rates 
to 10 per cent 

Monthly trade figures are no- 
toriously erratic and a sharp 
jump in imports in ’ July to 
£7.7bn from £7.1 bn in June may 
overstate the extent of the re- 
cent surge. There are strong in- 
dications, however, that the 
buoyant growth of Britain's 
economy relative to the rest of 
the world is now being reflected 
in accelerating imports. 

Taking the latest three 
months together and excluding 
oil and erratic items, the vol- 
ume of imports was 8 per cent 
higher than in the previous 
three months and 10 per cent 
above a year earlier. The in- 
crease was spread fairly evenly 
between consumer, intermedi- 
ate and capital goods, although 
there was a particularly strong 
jump in Imports of cars ahead of 
the new August registrations. 


By contrast, non-oil exports 
have by L5 per cent In 
volume . terms over the last 
three months, to stand at 
around 6 per cent higher than a 
year ago. . Exports did rise 
sharply in July but the Depart- 
ment 'said that the underlying 
trend appears to be flat, albeit 
at the high levels reached at the 
end of 1986. 

The money supply figures, 
published frytbe Bank of En- 
gland, confirmed preliminary 
data showing that both the nar- 
row and the broad money sup- 
ply measures showed rapid- 
growth in July. Bank lending, a 
key component of the broad 
money supply measure M3, in- 
creased by a massive £4A 

Mr John Smith, Labour’s 
Shadow Chancellor, described 
the latest trade figures as "deep- 
ly disappointing’. He said that 
they showed that the "cynically 
manoeuvred consumer- boom* 
was benefiting Britain’s com-, 
petitors and not the domestic 
producers. 

Mr Smith felt that they 
showed an accelerating trend 1 
into deficit and the need for a 
proper long-term strategy for 
British industrial recovery. 

Editorial comment, Page 29 


De la Madrid silent on reserves 


BY DAVID GARDNER IN MEXICO CT1Y 


PRESIDENT Miguel de la Mad- 
rid of Mexico last night tried to 
calm fears about his govern- 
ment’s response to record infla- 
tion and record levels of foreign 
reserves. But he made no refer- 
ence to any plans to use re- 
serves to repurchase the coun- 
try’s debt 

Mr de la Madrid stressed, in 
his fifth and penultimate state 
of the nation speech, that re- 
serves would not be used in an 
"impatient” ' or "unbalanced" 
manner. He also said that the 
Government would not resort to 
a South American-style shock 
programme to stop inflation, 
which he indicated was now at 
an all time peak rate of 130 per 
cent 

"A responsible Government 
rejects economic management 
that only seeks to achieve ap- 
parent progress during its own 
mandate," said Mr de la Madrid, 
whose six-year- term ends in De- 
cember 198R 

"The goals that we have pro- 
posed in both growth and infla- 
tion are moderate, because we 
know that in the present condi- 


tions only gradual changes will 
permit lasting progress.” 

Mexico's reserves grew by 
more than JlObn over the last 
year, to $I4.59bn, Mr de la Mad- 
rid announced. Most of this was 
accumulated from foreign 
loans, repatriated flight capital, 
and an unexpectedly strong ex- 
port performance. 

Despite indications from offi- 
cials that Mr de la Madrid might 
announce plans in Tuesday’s 
speech to pre-pay part of Mexi- 
co's $103bn foreign debt, the ad- 
vance text contained no refer- 
ence to such proposals. 

Reports persist, however, that 
the Government may buy back 
several billion dollars of public 
debt at the 50 per cent discount 
offered fry the secondary mar- 
ket. 

Mr de la Madrid reiterated 
calls for "concessions* from for- 
eign banks and said debt relief 
plans would be discussed at a 
meeting of eight Latin Ameri- 
can countries here in Novem- 
ber. 

Yet he stressed Mexico's op- 
position to "confrontation" with 


creditors and to "populist mea- 
sures that postpone effective 
progress^ - an apparent refer- 
ence to the unilateral servicing 
imposed by President Alan Gar- 
cia of Peru who will be among 
the presidential visitors. 

"It would be unrealistic' to ex- 
pect the debt problem to be 
completely resolved in a few 
years," he said, noting that Mex- 
ico's government debt has 
grown by a net $15.7bn since he 
took office in December 1982. 

"Nonetheless, we can be rea- 
sonably satisfied with what we 
have achieved so for." 

In April Mexico concluded 
negotiations for $12bn in new 
loans. The President said that 
to date Mexico had drawn down 
$5£bn, of which $&5bn came 
from private banks and the re- 
mainder from government and 
multilateral lenders. 

He gave no indication wheth- 
er Mexico’s unexpectedly 
strong foreign reserves position 
had altered its original plans to 
borrow the full $12bn by early 
next year. 


World Weather 


Korean leaders in talks on detainees 


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BY RICHARD GOURLAYN SEOUL 
LEADERS of South Korea's 
main political parties meet to- 
day in a bid to make a break- 
through over the thorny ques- 
tion of opposition demands for 
the release of about 200 politi- 
cal prisoners. Their continued 
detention could stall further 
progress towards the first free 
presidential elections since 
19TL 

On Monday, Government and 
opposition members of the as- 
sembly agreed constitutional 
revisions alter a month of dis- 
cussions, thereby negotiating 
one of many important hurdles 
that must be cleared before the 


In today's talks, the ruling 
Democratic Justice Party's 
presidential candidate, Mr Rob 
Tee Woo, and the president of 
the Reunification and Democra- 
cy Party, Hr Kim Young Sam, 
are supposed to agree a timeta- 
ble for the elections. 

However, before elections 
can take place a referendum to 
approve the revised constitu- 
tion must be called and the 
election code must be rewritten 
by the national assembly. - - 

Today's meeting is likely to be 
dominated by efforts to find a 
compromise over political pris- 
oners. Last month Mr Rob said 
the remaining 200 or so political 


prisoners were subversives or 
communists and could not be 
released. 

The opposition, led by the 
BOP’s special party adviser, Mr 
Kim Dae Jung, who was impris- 
oned and sentenced to death for 
alleged political crimes, is 'In- 
sisting" they are released. 

However, the opposition has 
fallen short of saying that their 
release Is a condition for fur- 
ther progress towards the elec- 
tions later this year. Mr Kim 
Young Sam is anxious to ensure 
nothing prevents the elections 
from going ahead as soon as 


TROLLOPE & COLLS 

MASAM-MtXT . - 

management contracting 

DESIGN & CONSTRUCT 

01-377 2500 ^ 


THE LEX COLUMN 


only interested in frightening 
Newmont Twining into buying 
him out at a profit, he must 
show that he can afford to buy 
the whole company. 

In an attempt to convince the 
market, he has paid a $500,000 
fee to Drexel Burnham Lam- 
bert, the Wall Street investment 
firm. 

Although the Drexel Burn- 
ham involvement is seen as sig- 
nificant, analysts point out that 
the bid would still be the third 
largest outside the US oil indus- 
try. 

The key to the financing is the 
break-up value of Newmont 
Mining, and here analysts are 
divided. Newmont Mining has 
cash (fret of its debt) of over 
$400m, a valuable portfolio of 
marketable securities and is set 
to become the largest US gold 
producer next year. 

Mr William Siedenburg, a re- 
spected analyst at Smite Bar- 
ney, believes Newmont Mining 
can be broken up for little more 
than 3100 a share. Even at those 
levels he believes the valuation 
depends on the market's tre- 
mendous enthusiasm for the 
company’s Newmont Gold sub- 
sidiary, valued at 45 times its 
annual earnings. 

The danger in that strategy is 
that Mr Pickens will head for 
the 20 per cent level himself - 
and be in an equally significant 
blocking position. 

Finally there is the third op- 
tion - either a full bid from the 
UK group or .for some sort of 
poison pill from Newmont For 
ConsGold to buy out the remain- 
ing 74 per cent would cost about 
£3.7bn. Feasible if Newmont 
was subsequently broken up 
with ConsGold retaining the 
gold mine interests, but unlike- 
ly given the inevitable fending 
problems and potential dilu- 
tion- 

US and UK 
banks ‘trail 
I Japanese 
rivals’ 

. By Stephan FkOarki London 
BRITISH AND US banks are 
foiling rapidly behind Japanese 
; hanks In their ability to coin- 
pete in financial markets, says a 
report by a London-based bank 
analysis company. 

The IBGA Banking Analysis 
report says this competitive ad- 
vantage of Japanese banks 
stems from their strong finan- 
cial position. 

This contrasts with US and 
UK banks, whose competitive 
.position has been weakened by 
their slowness in building up a 
cushion against loan losses to 
problem Third World debtors. 
i The financial strength of Jap- 
anese banks fans Improved over 
the last two years because of 
their large equity holdings in 
the sharply-rising Japanese 
stock market, the report said. 
These holdings, have a much 
higher value in the stock market 
than shown in the banks' bal- 
ance sheets. 

"As potential competitors, the 
Japanese appear frighteningly 
j strong," the report concludes. 

IBGA said the US and UK 
banks may have appeared to be 
leading the world in building 
up protection against losses on 
Third World lending following 
the big additions they an- 
nounced to loan-loss reserves in 
the second quarter. In fact they 
are trailing other banks in the 
developed world," it said. 

The report said that US banks 
are insisting their decisions to 
■boost loan loss reserves had no 
effect on shareholders' equity. 
"Technically, this is true but it 
ignores the feet that no mildly 
intelligent individual . would 
dream of agreeing that reserves 
for LDC (less developed coun- 
try) debt should be part of pri- 
mary capital, and we have little 
doubt that regulators will soon 
change their definitions of pri- 
mary capital.* 

The big loan-loss provisions 
pushed the US banks* equity- 
to-asset ratios - an important 
measure of a bank’s financial 
strength - to levels which IBCA 
viewed as too low. 

"It is interesting to note that 
for some years US banks have 
complained that the competi- 
tion from major foreign banks, 
such as those of Japan and 
France, was unfidr as these 
banks were permitted to main- 
tain lower capital ratios. Unfor- 
tunately, the US banks, with few 
exceptions, have now moved 
down towards -the French and 
Japanese," it said. 


the deficits 


There is no mystery about why 
the equity market went up yes- 
terday. It did because sterling 
did. Why on earth sterling rose 
in response to a decidely poor 
set of trade figures is quite an- 
other matter. Maybe Mr Lawson 
has succeeded in convincing 
foreign investors of his hard- 
line attitude to overheating, 
though that would cany the 
[slightly depressing implication 
that sterling is being bought in 
expectation of another point on 
base rates. Or perhaps the 
weekend Iraqi air strikes cre- 
ated demand for sterling as a 
I petrocurrency. Or perhaps, with 
i the dollar the focus of attention, 
sterling simply drifted up by de- 
fault 

At any rate, the remarkable 
strength of equities yesterday 
suggested that if UK industry is 
learning to live with a strong 
currency, the markets may be 
learning to live with a persis- 
tent deficit in the current ac- 
count Granted, the details of 
the trade figures did not sup- 
port the overheating argument 
More importing is being done 
by industry, apparently for cap- 
ital investment, and the 
strength of the exports figure 
suggests a real increase in out- 
put But the overall picture is 
still one of an economy growing 
at around twice the rate of its 
OECD partners, and facing defi- 
cits of upwards of£200mfor per- 
haps several months to come. 

Despite that there was a dis- 
tinct feeling yesterday of confi- 
dence trickling back into the 
equity market, though volume 
was still very low. Those who 
sold the September FT-SE 100 
contract to a 25 point discount 
ahead of the figures had to 
watch it rise to a premium fry 
the afternoon. It. remains, stub- 
bornly unclear, though, whether 
equities are cheap on a pro- 
spective multiple of 14 or. dear 
on a yield of less than a third of 
long gilts. 

Newmont 

There is probably only one 
feet that can betaken for grant 
ed te-tfaO' Anglo-American min- 
ing industry's late summer pok- 
er game: Mr T. Boone Pickens 
does not want to end up running 
Newmont Mining. Beyond that 
all is intrigue and rumour. But 
two diametrically opposed 
schools of thought now seem to 
be emerging through the fog - 
and the good news for share- 
holders in Consolidated Gold- 
fields (which holds 28 per cent 
of Newmont) is that they benefit 
from both of them. 

The first story suggests that 
Pickens has made no clear as- 
sessment of the opposition and 


Taylor Woodrow 

f Share price rotative to 
FT-A AB-Share Index 



is -destined for another singe- 
ing. Even If he could raise the 
finance for a fell bid the gfflOOm 
interest bill would so weaken 
his hand at the subsequent auc- 
tion that most of Newmont’s 
supposed asset value premium 
might prove hard to realise. As- 
suming, on the other hand, that 
he merely wants to be bought 
out at a g30 'a share profit, he 
may have underestimated the 
highly political cross-owner- 
ship system of the mining hous- 
es. The. miners may not tike 
'each other much, but they are 
almost certain to dislike Pick- 
ens more, and it would not be 
difficult for Newmont with the 
blessing of ConsGold (with the 
blessing of Minorco) to lock out 
the upstart and watch him 
sweat 

Alternatively, could it be that 
Pickens has found his touch 
again? As Newmont offered its 
owh shares to invertors at only 
$45 each two months ago, it may 
now be difficult to argue that 
$95 (or even rather less) is inad- 
equate. And who could be en- 
tirely sure that a newly confi- 
dent ConsGold (perhaps 
prompted by ABnorco) would 
not have some use for the Pick- 
ens cash, even after tax, or 
could not be tempted to join the 
carve up? Perhaps. But an asset 
swap : between Newmont and 
ConsGold leaving Pickens out in 
the cold seems for more likely. 

Taylor Woodrow 

The behaviour of Taylor 
Woodrow’s share price over the 
last six months says more about 
fee short-term fashion con- 
sciousness of the .teams of. tal- 
ented, resourceful and hard- 
working men and women who 
follow the company in the City 
than its underlying perfor- 
mance. . 

Its shares roared ahead of the 
market throughout toe late 
spring and early summer as an- 
alysts opined that if the growing 


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Barrington House, Gresham Street, 
London EC2V 7HE. Tel: 01-606 6474. 



property business was stripped 
out, investors could buy Into the 
group's traditional construction 
operations very cheaply. How- 
ever, cosy scenario was 
soon replaced by concerns 
about the effect of rising inter- 
est rates on the group and since 
the market peaked in mid-July, 
Taylor Woodrow’s shares have 
massively underperformed, 
whereas the shares ofrival Cos- 
tain have moved ahead. 

Yesterday’s modest &6 per 
cent rise in first half pre-tax 
profits to £2 L2m did not help 
matters and the shares slipped 
another 13p to 413p. There was 
a £L8m turaround into losses at 
the associated company level - 
primarily reflecting higher 
losses at Seaforth Maritime - 
and the company's overseas 
contracting businesses are stm 
struggling: to earn decent re- 
turns. Nevertheless, the group 
seems certain to report its 27th 
year of record earnings in 1387 
and should easily top £70m next 
year. But »»« is not enough to 
impress the more flighty ana- 
lysts, who would love to see 
some excitement such as the 
sale of a major stake in its 
"crown jewel" development at St 
Katoerine-by-the-Tower. Taylor 
Woodrow gives no indication 
that it is about to obliges 

Templeton, Galbraith 

It must be a touch dispiriting 
for a fend management compa- 
ny, on reporting half year prof- 
its np by 25 per cent, to look 
back on a steep underperform- 
ance by its own- shares over 
most of the same half year. 
There may be some truth in 
Templeton, Galbraith's conten- 
tion that it is not yet felly un- 
derstood by London investors. 
More important, its sterling per- 
formance reflects the feet that 
some 90 per cent of itsineemeis 
dollar-denominated, though its 
relative . recovery just lately 
may also recognise the defen- 
sive strength of its conservative 
investment policies. ig 

Although that conservatism 
cost Templeton toe last year of 
outperformance by the Tokyo 
market, its present 89 per cent 
Wall Street weighting is consist- 
ent with its global approach. If 
you believe that multiples of US 
and Japanese stocks are going 
to converge, it makes sense to 
buy on 15 times earnings rather 
than 80. Meanwhile, the shares 
at 27Ip - down 9p yesterday- are 
on a 15 times prospective multi- 
ple of tbeirown. This is well be- 
low some others in the fend 
management sector, including 
Ivory & Sime, which also missed 
out on Tokyo for similar philo- 
sophical reasons. Perhaps these 
two will converge as well 




Gresham Trust 

We make things happen. 


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Fine British Clothes 



Designed for men 

LEEDS (0532) 432455 


SECTION n - COMPANIES AND MARKETS 

FINANCIAL TIMES 

Wednesday September 2 1987 


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TRACTOR - TRAILS! 
SYSTEMS ■ ROAD 
FLATS ■ CONTAINERS 


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Dai Hayward charts the revitalisation of New Zealand’s flag carrier 

Air NZ plots direct route to growth 


AIR NEW ZEALAND is Wei] placed 
as a candidate for privatisation by 
the recentiy-re-elected Lange Ad- 
ministration." :: 

The national flag carrier, has re- 
cently. reported record pre-tax prof- 
its of NZ8ltt5m (US$120m) - the 
fourth year in succession that the 
airline has earned more than 
NZSlOOm. 

. Over the past three years, its net 
profit as a percentage of revenue 
has averaged 1213 per cent, while 
the average for other Tata »jriiTtfk 
over the same period was only 1 per 
cent 

Why is it this airline, . operating 
from a remote, small bome base in 
the South Patific, with long-route 
distances, can perform . so . profi- 
tably, while many I aiger.competitdr 
airlines are struggling? . 

Staffing levels for cabin crew in 
Air NZ services are higher than on 
other airlines, , but-, it claims that, 
what might be regarded fay sorae 
managements as -an unnecessary 
cost is an important contributing 
i factor to its financial- success, at- 
tracting passengers through better 
passenger service. 

None the less, when the airline 
was in serious financial trouble five, 
years ago, it became the first New 
Zealand comp&nyjn many years to 
face up .to the deed lor large-scale ' 
redundancies. It shed 23 per cent of 
the staff, Twhite managing to avoid 



problems with the trade unions. 

That followed a reorganisation of 
the management, bringing a new 
.policy which put the emphasis on 
productivity, more participation 
and responsibility for staff and low- 
er level management, long-term 
strategic planning and strong lead- 
ership. 

The revitalisation of Air NZ be- 
gan with the arrival of Ur Norman 
Geary as chief executive in Febru- 
ary 1083. By March that year, a new 
management famm was in place. 

In May it had a new management 
plan from which to work. In June 
the company had reached retrench- 


ment agreements with the unions. 

Wi thin three months the airline 
was making its first profit for five 
years. Staff co-operation and pro- 
ductivity have been key elements in 
the continued success. 

Senior Air NZ executives criticise 
the padding from which they be- 
lieve most of the world airline in- 
dustry still benefits after decades of 
high growth. Air NZ has managed 
to adjust quickly to vastly changed 
circumstances in the industry. 

The company has increased the 
use of its Boeing 767s - an aircraft 
selected for its versatility - from 11 
to 15 hours a day. The planes can 


relieve pressure on short domestic 
routes, can operate across the Tas- 
man Sea to Australia, or can be 
used to fly one of the longer routes 
to Singapore or Tahiti. . 

World use of the Boeing 747 last 
year averaged 10 hours a day. Air 
NZ flies its 747s for 16.3 hours. At 
the «»»Tnp time, maintenance and 
service are said to be carried out 
more frequently than at some rival 
airlines. This has helped Air NZ to 
sell its second-hand aircraft at a 
substantia] profit 

Profitability per employee, mea- 
sured on a revenue load factor, has 
increased almost exactly 50 per. 


cent since 1983. Last year revenue 
passenger kilometres increased 
14.4 per cent - well above the world 
average.' 

Air NZ believes that in the cur- 
rent era of law growth, successful 
marketing is crudaL The airline 
keeps its internal services full, with 
a range of special fares for the el- 
derly, group travel and other in- 
ducements to fill seats in off-peak 
periods. 

Last year it carried 24hn passen- 
gers on domestic services - com- 
pared with a total population of 
3 - 2 m_ International route passen- 
gers totalled 1.4m. 

Yet Air NZ is feeling keener 
competition. With the opening up of 
many international air routes, 
several larger airlines, including 
Continental, British Airways, Qan- 
tas, Japan Air Lines, Cathay Pacific 
and Singapore Airlines now fly to 
New Zealand. 

Air NZ is rated only 35th in terms 
of world turnover. It disclaims any 
ambition to fly all over the globe, 
but it has carefully planned an ex- 
pansion programme which will suit 
its particular type of service. 

Later this year it starts flying di- 
rect from New Zealand to Dallas in 
order to cut its reliance on other air- 
lines to feed Air NZ’s passengers to 
Los Angeles for connections with 
Air NZ. It also plans a service to 
Frankfurt. 


AIDS 


BY SARA WEBB IN UPPSALA; 

PHARMACIA, the Swedish biotech- 
nology and pharmaceuticals ' group, 
plans to la unch an AIDS test next 
year which preliminary trials had 
shown to be 10Q per eent effective in 
detecting antibodies for both the 
HIV-1 and HIV-2 viruses! ■ 

The tests were developed by Syn- 
teOo, a research group in Gothen- 
burg, Sweden, and fiiuinced by the 
Swiss company Virovahl SA. Phar- 
macia recently agreed with Viro- 
vahl to acquire worldwide market- 
ing rights to the tests. 


Hudson’s Bay setback 

BY ROBERT GIBBENS IN MONTREAL 


Pharmacia said it had completed 
“ail important preliminary step" in 
evaluating the tests and planned 
largescale trials in Sweden and' 
elsewhere. 

So for, AIDS tests have mainly 
been used for screening large quan- 
tities of blood. Pharmacia estimates 
that about 60m screening tests were 
carried out in 1985 
- The group expects the biggest 
growth to occur in ^iagnngifi, reach- 
ing about 10m tests in 1988 
“We are convinced that this test is 


better than all the other tests on the 
market today,” said Mr Erik Da- 
nielsson, managing director of 
Pharmacia. The company says the 
tests can detect antibodies against 
the HIV-1 virus and the HIV-2 virus 
(which was discovered last year), 
and have not given false positive 
reactions in preliminary trials. 

Both viruses can cause AIDS Mr 
Danielsson said, and the launch of 
the tests - initially in France, Italy, 
the UK and Scandinavia - should 
cut the number of “false alarms”. 


HUDSONS BAY Company, Cana- 
da’s largest merchandising group, is 
showing continued losses despite a 
major restructuring and asset dis- 
posals totalling nearly CS500m 
(USS382) in the first half ended July 
31. 

The Bay, controlled by the Ken- 
neth Thomson interests of Toronto, 
reported a six-month operating loss 
of CS42.4m or CS1.91 a share, 
against a loss of S62.8m or CS2.48 a 
share a year earlier, on revenues of 
CS&26bn against CS2.45bn. The re- 


sults exclude special items. 

The second-quarter operating 
loss was CS17.9m or 84 cents a 
share, against CSlQ^m or 51 cents a 
year earlier, on revenues of 
CSl.OSbn against C$l-29bn. 

In the first-half, the Bay sold its 
fur trading divisions, its northern 
stores, its wholesaling divisions and 
control of Canadian Roxy Petro- 
leum, reducing debt by more than 
C$4 50m. In June Mr George Kosich, 
executive vice president, took over 
as president 


Pearson 
buys new 
FT home 
for £74m 

By William Cochrane in London 

THE FINANCIAL TIMES is to 
move south of the River Thames 
to a site facing the City of Lon- 
don, in a £744m ($l2JLm) deal 
which reflects the shortage of 
City office developments sched- 
uled for completion within the 
next two years. 

Pearson, parent company of 
the FT, said yesterday that it had 
bought Regal ian Properties' 
Horseshoe Court development 
which is currently under con- 
struction on Bankside, on (he 
sooth eastern comer of South- 
wazk Bridge. 

The 155,000 sq ft building is ex- 
pected to meet the needs of the 
FT for the foreseeable future. It 
was chosen in preference to loca- 
tions in Tottenham Court Road 
in London’s West End, City Road 
to the north of the City of Lon- 
don, and the Royal Mint to the 
east of Tower Bridge. 

Mr Frank Barlow, chief execu- 
tive of the FT, said last night that 
the decision to buy Horseshoe 
Court, and the price agreed, was 
influenced by the fact that there 
were already prospective tenants 
for the building at rents up to £34 
per square foot, indicating an an- 
nual rent roll of over £5m. 

An institutional Investor might 
not have been willing to pay as 
much for the building on a pure 
investment basis; said Mr Barry 
Lamb, one of the senior partners 
of agents St Quintin, which ad- 
vised Pearson on the deaL How- 
ever, he said, there was ample 
precedent for owner-occupiers 
paying a premium for space in a 
time of extreme shortage. 

At the height of the last prop- 
erty boom in 1972/1973, he said, 
owner-occupiers were prepared 
to pay a quarter, or even a third 
more than institutional invest- 
ment values to “see off” the 
competition, he recalled. 


Varity records small 
second-quarter loss 
after European cuts 


BY DAVID OWEN IN TORONTO 

VARITY, the Canadian form equip- 
ment and industrial engine maker 
which changed its name from Mas- 
sey- Ferguson in 1986, yesterday 
posted a small second quarter net 
loss after taking into account 
charges related to a pr uning of its 
European labour force. 

However, on an operating level 
the company was profitable in the 
latest period, continuing the im- 
proving trend of the year to date. 

Overall, the net loss for the quar- 
ter was US$3.8m or four cents a 
share against a profit of $9.1zn, also 
four cents a share, in 1986. Sales 
were sbarply up on a year ago at 
S461.7m, due mainly to the acquisi- 
tion last December of Dayton 
Walther, an Ohio-based automotive 
components and building supplies 
company. 

In the last three months, the com- 
pany incurred charges of 56.3m, 
bringing to $16m its 1987 outlay to 
reduce its workforce. Varity is cut- 
ting more than 1,700 jobs, or some 


10 per cent of its worldwide employ- 
ees as part of a programme to re- 
duce operating costs. 

The company said its Massey- 
Ferguson unit raised market share 
and reduced operating losses, des- 
pite a largely hostile environment 
which saw global farm tractor sales 
slump by almost 4 per cent in the 
first half of 1987. 

In addition, shifting currency val- 
ues and aggressive discounting in 
North American and European 
farm machinery markets put severe 
pressure on margins, according to 
Mr Victor Rice, chairman. 

Varity's other major businesses - 
Perkins diesel engines, Dayton 
Walther and MF Industrial machin- 
ery - were profitable in the second 
quarter. 

For the six months ended July 31, 
the company lost $17. 6m or 24 cents 
a share on sales of 5915m. This 
compares with a profit of 515m or 
six cents on sales of $698m in the 
same 1986 period. 


Consob issues sharp 
warning to accountants 


BY ALAN FRIEDMAN IN MILAN 

THE CONSOB. Italy’s stockmarket 
regulatory authority, has issued a 
sharp warning to accountancy 
firms to improve the quality of their 
auditing of balance sheets and to 
take steps to remain more indepen- 
dent of the companies they audit 

The scolding, contained in a letter 
to Assirevi, the association of Ital- 
ian accountancy firms, singles out 
for special criticism the practice 
whereby auditors approve the bal- 
ance sheets of companies and work 
at the same time as financial con- 
sultants to these companies. 

The auditors have also been told 


to increase the rigour with which 
they perform their work. 

Although accountancy standards 
in Italy have improved dramatically 
in recent years, and major interna- 
tional firms have built up a thriving 
business since the 1970s, Italian 
balance sheets still fall short of 
their US or British counterparts in 
terms of the level of disclosure. 

Two of Consob's guidelines to 
companies have still to be followed 
by several medium and even large 
concerns - these are the consolida- 
tion of balance sheets and the time- 
ly reporting of half-year results for 
quoted companies. 


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■ newksDb 


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6,5 19,673 Shares 


A oga r , 1987 



FIRST ESSEX BANCORP, INC. 

; (Holding Company for First Essex Savings Bank) 






Common Stock 


*T Vih»wi n*fr^rTwmm«|»mtmnftbg8mXXCOD«h«ig»ofcom ninnMnrfc <QJ0p«r wine per ihire. 
to be bmedby Km Enex Baooorp, locnfiaa die aunetsJan et Fuse Enex Saving Bank &am montal to 

fora rfo tjpMlMU oPiaad the g M»»nw iigo»ntc<rf«fl<rf Ac text md^Co*por.|aoa. 

The T T* 1 jf" lil Ht 1.480327 sbnes bne been whsc ri bed fbt by ocrain depositors, Hmtea, offkra and 


Paine Webber Incorporated 


A.G. Edwards Sc Sons, Inc. 


Beat; Stearns Sc Co. Inc. 
Dillon, Read & Co. Inc 
Goldman, Sachs & Co. 
lizard Fn&res & Co. 


The First Boston Corporation 


.... Donaldson, Lufkin & Jenretce 

Secu riti es Co « po n«i on 

. E. F. Hutton Sc Company Inc.- 
Merrill lynch Capital Markets 


L. F. Rothschild & Co. Si 

• Zncoipdnasd 

Smith Barney Harris Upbam Sc. Co. 

Dean Witter Reynolds lnc - 


Salomon Brothers Inc 


on Alex. Brown & Sons 

Ioctxponfcd 

Drexel Burnham Lambert 

I n corporaed 

Kidder, Peabody & Co. 

Incorporated 

Prudential-Bache Capital Funding 
Shearson Lehman Brothers Inc. 
Wertheim Schroder & Co. 

Incorporated 

Tucker Anthony & R. L. Day, Inc 


Swaps, options, equity content, 
issue price: They fit together 
like the parts of a Swiss watch. 

Who would know better than we? 








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HOLIDAY & 
TRAVEL 
ADVERTISING 
BpnMishedon 
Wednesday& 

.- For details of 
oduertisingraies, 
contort:’'. 

Deirdrey Venables 
iTnaneial Times 
Bracken House . 
IB Cannon Street 
London EC4P .4BY 
Tet 01-248 8000 
Rst-4657 




In order to float the right deal at the right time in the right 
market certain of our Swiss qualities - such as quiet 
efficiency, attention to detail, and global presence - come 
in rather handy. 


Continental Airlines, Inc. 

US$38,500,000 

Floating Rate Notes due 1996 

Notice fa hereby given that the rate of interest on the stave Notes for the period 2nd 
September, 1987 to 1st December, 1987 has been fixed al89375% per annum, 
payable 2nd December, 1JB7. 

The amount payableaspinEt Coupon No. 5wfl be S22.34 per Si .000 Note. 


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Reference Agent 



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Zurich, London, Frankfurt, New York, Tokyo, 
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Investment Banking on a worldwide scale 


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24 


Financial Times Wednesday September 2 19S7 

INTERNATIONAL CAPITAL MARKETS and COMPANIES 


Ericsson seeks links with Telit 


BY SARA Wm IN STOCKHOLM 


ERICSSON, the Swedish tele- 
communications and electronics 
group, is seeking to strengthen 
its position in toe Italian mar- 
ket by forging close industrial 
ties with Telit the Italian 
telecom holding group which 
brings together Italtek the 
Italian state-controlled telecom- 
munication equipment com- 
pany, and Telettra, Fiat’s data 
transmission subsidiary. 

Senior executives from 
Ericsson, including Mr Bjorn 
Svedberg, group chief executive 
officer, Mr Hans Goiteus, vice- 
president, Mr Hans Werthen, 
group chairman, and Mr Bo 
ijmdiTi. senior vice-president of 
marketing, have been holding 
"serious discussions” over the 


past three or four months with 
representatives of Stet, the 
Italian state holding company, 
including its chairman Mr 
Jullano Graziosi, with the aim 
of “ concluding a common 
objective for long-term colla- 
boration " in various areas. 

The Swedish and Italian sides 
have been looking at possible 
co-operation for advanced, net- 
works for business communities 
covering the transmission of 
voice, data, text and images as 
well as certain features from 
the public network. 

“We already have the basis 
for the equipment and soft- 
ware, but together with Telit 
we could develop these fur- 
ther,” said Mr Goiteus. 


Both sides have discussed co- 
operation in tiie area of trans- 
mission equipment such as fibre 
optics, with a view to sharing 
development costs in a field 
which normally has a short 
technological lifetime. 

Ericsson said that earlier pro- 
posals for some form of share 
exchange between Ericsson and 
Telit had not been ruled out, 
but that the industrial col- 
laboration agreement would 
have to come first Mr Sved- 
berg said that Ericsson was not 
seeking a rapid solution but 
that "playing the Italian card 
was essentiaL" 

Ericsson had not committed 
itself to a particular ablution 
but is considering the possi- 


bility of setting up either a 
European holding company or 
joint venture which would in- 
volve Telit and pos sibly Tele- 
fonica, the Spanish PTT. “It 
is very likely that if we try to 
find a European solution it 
would include Spain,” said Mr 
Goiteus. 

The main supplier in Italy is 
Italtel with over 50 pCt cent 
of the market, compared with 
Ericsson's claim to 20 per cent 
of the market Ericsson is 
pursuing the possibility of col- 
laboration in the European 
telecom industry in order to 
share development and market- 
ing costs while increasing its 
market share, particularly in 
Italy. 


Renault truck side climbs out of the red 


BT KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT. IN MCE 


RENAULT VEHICULES Indus- 
trials, the state-owned French 
group, made a consolidated net 
profit of FFr 30m (55m) in the 
first half of this year, the first 
time it has been in the black 
since it was formed from the 
merger of the Saviem and Bel- 
li et companies in 1974. 

RVI would also make a 
modest profit — “but not muck” 
— for 1987 as a whole, said Mr 
Philippe Gras, the chairman, 
yesterday. 

This follows the recapitalisa- 
tion of RVI in June, which in 
part involved the parent 


Renault company injecting 
FFr 2.8bn of new capital. Most 
of the new cash was used to 
reduce RVTs debts, thus saving 
an annual FFr 200m in interest 
payments, while FFr 800zn was 
a down payment on the 42 per 
cent of Mack Trucks of the US 
previously held by Renault 
Mr Gras said that in future 
Mack's contribution would be 
included in RVI’s consolidated 
results. In the first half of this 
year RVI and its subsidiaries 
incurred a loss of FFr 50m 
(FFr 460m loss in the same 
period of 1986) while Mack 
contributed a profit of FFr 80m. 


Both RVI, which would make 
profits in excess of FFr 50m in 
the second half, and Mack would 
continue to be profitable in the 
second half, said Mr Gras, 
during tiie launch of the group’s 
heavily-revised medium trucks. 
So RVI would be one year 
ahead of schedule in its 
recovery programme which en- 
visaged break-even in 1988. 

The imp ro vement arose 
mainly from RVTs cost-cutting 
programme. This would con- 
tinue and the workforce would 
be reduced to 19,000 by the 
end of this year from 23,700 
at the end of 1986. 


The company was also helped 
by better-than-expected in- 
creases In vehicle production. 
In tiie first half RVTs output 
rose by 8.6 per cent to 24,722 
vehicles and Mr Gras forecast 
at least 43,000 for the full year 
compared with 4L300 in 1986. 

Mack’s first-half output rose 
from 7,024 to 8412 and it 
should also heat the 1986 pro- 
duction of 21,000. 

Mr Gras said that, of RVTs 
two major subsidiaries, Spain 
would show a net profit this 
year but be did not expect the 
UK operations to break-even 
until 1988. 


Mannesman!! 
shows decline 
In first half 


By Our Rnutcfaf Staff 
MANNESMANN, the West Ger- 
man engineering and steel 
group, suffered a decline in 
first-half group profit following 
a 10 per cent fall in turnover 
to DM 6.75bn ($3.73bu) from 
DM 7.46bn a year earlier. 

The group traced the profit 
drop to sluggish demand for 
capital goods in Germany, con- 
tinuing losses in its steel pipe 
lines, and deteriorating condi- 
tions in Brazil, where it has a 
large subsidiary 

The see ml ess steel pipe unit 
remained the company's main 
source of trouble in the six 
months. It said efforts to trim 
losses by cutting costs and rais- 
ing prices are likely to pay off 
only In the current half-year. 


Price freeze hits Esselte 
result at six months 


BY OUR STOCKHOLM CORRESPONDENT 


ESSELTE, the Swedish office 
supplies group, reported a 5.8 
per cent fall in profits (tfter 
financial itema) to SKr 326m 
($51m) in the first six months 
of 1087 and said that the remits 
had been affected by the price 
freeze in Sweden earlier this 
year and the continued high 
development costs of its pay-TV 
project which peaked during 
the first half of 1987. 

Esselte said that the pay-TV 
project was proceeding accord- 
ing to plan and that the num- 
ber of subscribers was growing 
steadily, but warned that pro- 
fits for the full year would 
once again be charged with 
substantial costs arising from 
the project 


Sales rose by 12.7 per cent 
to SKr 6D4bn and were boosted 
by recent acquisitions — once 
figures are adjusted for these 
acquisitions, the increase 
amounts to 8 per cent 
Esselte forecast that both 
sal se and earnings would “ rise 
somewhat more rapidly than 
in 1986” with a recovery in 
earnings expected both in 
Sweden and abroad daring the 
second half of this year. 

The company said that 
Esselte Business Systems (the 
US subsidiary in which it now 
has a 78 per cent stake, and 
which last year accounted for 
60 per cent of group sales) 
showed a 17 per cent increase 
in profits in dollars. 


Huhtamald 
plans German 
purchase 


By OIR Vktanen in Hcblnld 


HUHTAMAIO, tiie Finnish 
diversified industries group, 
plana to acquire BeDaplast of 
West Germany, Europe's lead- 
ing manufacturer of thermo 
formed polystyrene products. 

Folysax of Canada is selling 
BeflapJast which lias production 
facilities in Germany and sales 
companies in t be UK and 
Holland- It ins total sales of 
DM 150m <$83m). 

Hnhtamak i to increase 
its capital from FM 290m up to 
FM 404m ($92m). 

The group's inter es t s include 
food, drugs end packaging indus- 
tries. Its first haw 1987 sales 
increased by 6j4 per cent to 
FM 221bru 


This announcement is not an offering of the Notes which have been sold aid appears 
as a matter of record only. 

New Issue 


U.S. $125,000,000 


CHRYSLER 

W FINANCIAL 


Sm> Notes Due 1990 


Prudential-Bache Capital Funding 


Banque Paribas Capital Markets Limited 


Merrill Lynch Capftaf Markets 


Credit Suisse First Boston Limited 

Union Bank of Switzerland (Securities) Limited 

Bankers IVust International Limited. 

Banque Bruxelles Lambert SA 

Daiwa Europe Limited 

EBC Amro Bank Limited 

Jtab Group Limited 

Kidder, Peabody Internationa! 

UaOad 

McLeod Ybung Weir International Limited 

Samuel Montagu & Co. Limited 

S.G. WariHirg Securities 

Wood Gundy Inc. 

August, 1987 


W 

V, 


Erbamont to 
bid L600hn 
for rest of 
Farmitalia 


By Abut Friedman in Milan 

TRADING IN shares of Fan* 
Italia Carlo Erba, the Milan- 
based sub- 

sidiary of the Montedison 
group, was yesterday sus- 
pended on the Milan, Brussels 
and Antwerp stock exchanges, 
at the company’s request 

Farmitalia is 75 per cent 
owned by Erbamont, the main 
Montedison pbazmacenticals 
holding company that is re- 
gistered in tiie Netherlands 
Antilles and quoted on the 
New York Stack Exchange. 

Montedison said yesterday 
Oat tiie Farmitalia shares had 
tea suspended because 
Erbamont plans shortly, to 
make a public offer for tiie 
outstanding 25 per cent of 
Farmitalia held fay outride 
investors. The market value 
of *hfa shareholding Is around 
L600bn ($458m), but Monte- 
dison is expected to pay a 
pr emium of around 29 per 
cent which would mean a 
total expenditure of around 
5549m. 

While Erbamont is prin- 
cipally a holding company, 
Farmitalia to the operating 
subsidiary that is active in 
research and the manufacture 
of a range of pharmaceuticals 
and is a world leader in the 
production of several anti- 
cancer drags used in chemo- 
therapy treatment Fann- 
i falls ’a 1988 sales totalled 
5542 ,6m, while Exfaamenfs 
total revenues came to 
59504m. The net income, of 
Erbamont last year amounted 
to 58lim. 

Montedison did not say how 
Erbamont plans to finance the 
deal. But an executive denied 
market rumours that Mr Raul 
Gardinl, whose Femtxri agro- 
business empire has effective 
control of Montedison with a 
49 per cent share stake, has 
any pb»w to hive off or dis- 
pose of Erbamont 

Earlier this year Monte- 
dison paid 5450m to buy Anti- 
bioticos, a Spanish producer 
if bulk pharmaceutical inter- 
deiates, and the Irian is to 
integrate tills business with 
Farmitalia. At present Anti- 
bioticos to 60 per cent owned 
bv the Montedison parent 
company and 40 per cent by 
Farmitalia- 


Addidas says 
profits not 
satisfactory 


By Hrig Sbnoidan in F nekf u rt 

GROUP TURNOVER at 
gthniiaft the West German 
company which to the world’s 
largest sports shoe and cloth- 
ing manufacturer, rose by 
3 per cent to DM 4Jhn 
(52J26bn) last year. 

The group says it to satis- 
fied with the increase in sales, 
which went up by 10 per cent 
domestically, especially In 
Hew of the effect of exchange 
rate fac tors on its foreign 
turnover. 

However, group profits 
were “not quite satisfac- 
tory, “ it said, although 
domestic earnings had im- 
proved slightly. 

The group Increased invest- 
ment by DM 14m to DM 74m 
last year. Group liquidity rose 
to DM 98m from DM 69m in 
1985 as a result of capital 
inflows connected with the 
purchase of its US and UK 
distributors. 


Norsk Hydro 
rating cut 


By Stephen Hdler 
THE SHORT-TERM debt of 
Norsk Hydro, the Norwegian 
state - controlled industrial 
group, has been downgraded 
by Euro ratings, tiie recentiy- 
formed credit assessment 
agency basal in London. 

The agency said the down- 
grading, to EG pins from 
E-1, resulted from a reassess- 
ment of the Norwegian 
Government’s attitude toward 
state-controlled entities fol- 
lowing problems at Kengs- 
berg Vaapenfarik, the 

defence company. 

This meant that govern- 
ment support for some state- 
controlled companies would, 
be weaker than for others, 
and suggested that Norak 
Hydro, which did not par- 
ticipate in the rating process, 
should be viewed alone 
rather than as a g overnm ent 
unit. It said. 


Spanish store 
group ahead 


By David White in Madrid 
EL CORTE INGLES, the de- 
partment store group which 
leads tiie Spanish retail sec- 
tor, registered a net profit 
of Pta8.1bn (566.5m) tor the 
year aided February, 1987. 

The 7jB per cent profit rise 
wag on group sales up by 
10.5 per cent to Pta334bn, 
net of value added tax, com- 
pared with PtaSOSbn 

Mr Ramon Areees, the 
group’s 82 year old chair- 
man, who founded it is the 
19309, said the results would 
permit it to continue to ex- 
tend Its network. Besides 
building new stores in Spain, 
El Carte Ingles has recently 
also net its rights . on the 
Portuguese retail market. 


Greek state-backed issue 


reopens D-Mark sector 


BY ALEXANDER NKOU, EUROMARKETS EDITOR 


PUBLIC POWER Corporation 
of Greece yesterday reopened 
the D-Mark Eurobond market 
after a five-week absence of 
new straight issues. Its 
DM 150m bond, however, met 
a very cautions reception. 

Greece, which guarantees 
Public Power’s borrowings, has 
became a more frequent bor- 
rower on the international 
capital markets since return- 
ing last year with a series of 
loans after economic troubles 
had forced it to obtain financial 
assistance from the European 
Community. 

Several syndicated loans and 
three D-Mark bonds tossed in 
February and May this year by 
the Bank of Greece have been 
well received. Dealers said yes- 
terday that terms of the latest 
issue were quite tight and that 
the German market’s tone was 
stm hesitant. 

Dresdner Bank led the seven- 
year deal, which was priced at 


market prices ending un- 
changed. The domestic bond 
market has behaved similarly. 

Sanwa Bank, meanwhile, 
became the latest Japanese bank 
to boost its equity with a pack- 
age of- issues raising the 
equivalent of some $L25bn. 

In addition to an offering 
35m shares in Japan, it is 


INTERNATIONAL 

BONDS 


99} with a 6} per cent coupon. 


The issue was bid at discounts 
slightly wider than its 2} per 
cent commlsstom 

The German market has 
suffered tWs summer from un- 
certainties about the direction 
of the D-Mark amidst nervous 
and volatile currency markets, 
ho addition, swap rates have not 
been conducive to new issues 
and borrowers have held off 
because of tiring rates. 

The lacklustre performance 
continued yesterday with 
D-Mark Eurobond secondary 


issuing 5300m of convertible 
dollar brads and SFr 400m of 
convertible bonds in Switzer- 
land. 

The dollar issue was divided 
Into two identical tranches with 
550m being led in Asia by a 
Hong Kong subsidiary. Sanwa 
International led the 5250m 
European portion, of which a 
large amount, however, was pre- 
placed in Asia. The ' 15-year 
issue has an indicated coupon 
of 1} per cent and was bid in 
the market at } below its par. 
issue price. 

The Swiss issue was divided 
into two equal and identical 
tranches, one public and the 
other private, both led by Swiss 
Rank Corporation. The five-year 
issues had an indicated coupon 
of i per cent The public issue 
was bid in tiie grey market at 
1} below issue price and the 
pri v a te at 1} below. 

The issues appeared to be 
unaffected by last week’s deci- 


sion by Moody’s Investors Ser- 
vice to downgrade Sanwa from 
triple-A to double-AL 
The Swiss foreign bond 
market was easier in places, 
although some equity-linked 
issues strengthened. Trfeec’s 
SFr 100m issue ended its first 
day’s trading at 974, 2 J points 
below issue price. 

As the dollar straight sector 
of the Eurobond market 
remained becalmed amid con- 
tinuing currency uncertainties, 
the steady flow of issues con- 
tinued of Japanese bonds vsft 
equity warrants. The day’s 
largest was a 5100 m issue for 
Morinaga JHUc Industry, a dairy 
products concern. Nikko Securi- 
ties brought the deal on stand- 
ard five-year terms with an 
indicated coupon of 3} per cent 
Yamaichi International led ah 
$ 80 m issue on the same terms 
for Sanyo Special Steel, and 


New Japan Securities Europe 
a for 


brought a 570m issue for 
Daishinpan, a consumer credit 
company. 

There were two further issues 
in Australian dollar, still aimed 
at Continental retail investors. 
Amro Bank Australia targetted 
Dutch as well as other buyers 
with an A$50m three-year deal 
priced at 1014 with a coupon 
of 134 per cent. „ . 

Westdeutsehe Landedunk, 

through a financing subsidiary, 
went for a longer seven-year 
maturity with a A$50m issue 
with a 134 per cent coupon, and 
price of 1012 per cent. 


Chargeurs lifts stake in wool group 


BY GEORGE GRAHAM IN PARK 


CHARGEURS, THE transport 
and communications group 
headed by Ur Jerome Seydoox, 
has lifted its stake In Prouvost, 
tiie leading French wool com- 
pany, to 3&S7 per cent 
Mr Seydoox has therefore 
passed the 33 per cent level at 


which he can block resolutions 
at Prouvosfs general meetings. 
He said yesterday that be 
intended to "pursue his con- 
versations” with Mr Christian 
Derveloy, president of Prouvost, 
and now has a powerful weapon 
with his blocking minority. 

Mr Derveloy has also been 


building up his stake in 
Prouvost through the Vitos 
group, which he also chairs and 
which sow has 19 per cent of 
the wool company’s capital. 

Prouvosfs share price closed 
at FFr 471 yesterday, with mare 
than 100,000 shares changing 
hands. 


FT INTERNATIONAL BOND SERVICE 


Listed are the latest international bonds tor which there is an adequate secondary market 

Closing prices on September 1 


HtUA 




AH Warn Alr9*97 
Aiavkvi Brnfe S» 92 
A/SEtl|l«rlkn7%9S_ 
NS Elaportfkan7%9£~, 

BPCatftal9%94 

8ritftoTefea»7*96— . 
Brittt Tatowag%9«_ 
cwnaeasowtofeW--. 


PK.10VVS— . 

CCC£7*9I — 

CNCA7%91 


■■^■7*92-— 
Cra»lfatkitol7V91.— 

Damn Mogton 7* 92 

DawH ft U w AR 
EEC 7 VI 


EEC 7% 95 . 
EEC O, 96 J 
BB7%93l 
EJB W.97 


FtalWIT* 93 ■■■■ 

Font Molar Crad. 10*1 91- 


Ford Motor Cnd. 11*90 - 
KH»00— 


GenBrc.Cml.HH, 

GUAC8*«89aM 
Hoes* 6% 97 
Hoes*, 75. 92 

Hotel 7% 94 

LTCSaflil 


Bfc= 

LTCBal Japan 897 


Ctrd. 7* 93 


Merafa-SKeCta 

■ .« 


Norway KtoQdcw 91 «« 
POBtolWi7%n l . i i . 
PmifWtaiCofpB.S%94 — 
OtotasAkriKS 10*95 — * 
M CML 10* 95 
• P0ri«31V4S~~ 

’ i S*i 91 

■ 10*92 

Bk.S.AtoL9*99-. 
SteoR1090 



381% 101% 


8md.Eto.CnL7* 91— 
SMd.EW.Crca 3092— . 

Swedw791 — 

Sw*den792 


g%96 

8*, 92 

iabonMKc7%99 — 

Toyota Motor Cnd. 8 89 

Toyota Mr. Cnd. 7*, 92 

Vterts fep.U*92 

World Btok792, . 

WWMBv*997 

Yowda Ts. Flo 8*99— 


'MiisumS 


Arab Backlog 5*2 92 
Arts Plate. 5^ 92 1 
Boric of Greece 6*95 
Baric eTRtoo 5*93 • 

BMW 5% 9b 

Pao8tt«m t-6*i W 
ElB5b98raU 
OB 6 HI 


Earo.coM &9M 5% 97- 135 
EmffaaM*9b — — HO 
Elec.de France 5% 97 — M0 
Hues* ML At 795 
IADB69? 

I BJ 5S, 9b . 

5*97 100 


IratodMaW 

Mom Dev. Bede 6* 93— *» 
UMtpiab** 150 


UKscttsM U. 3* 89 XW IN 

asMi6*97 — am 

Sec Cml Nodar 7*95~ .358 


Werid (fan* 6*97 MB 


World Bonk 6* 97 


snuuam 


iMrica Dor. Bjt.3^96 — MB 


MtaagS 


SBfS! 


lc»fcbss5tt*R 
AAsooStW— 
I Bee. deFnowS 07 
884*97^^— 


nd^St5*96 — 75 
■ Dm. Hk-St 97 — _ MB 
0fM«?Wta4%94_ 200 

, gas es*- a 
HISSsiEjS 

USXCom£»9B 380 

World Bn* 9* 90 — — MB 



mt summits 

Belgian 4* 99 

EIB4*a90. 


Eiec.de France 5* 94 
tonal Electric 4% 99 - 
tfcrwo 4% 92 . 
SNCF4*93. 


99* 95* -8* -HI* 
95* 95* “ 


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97* 90* -8* 98* 
99* 99* +8* 98* 
96* 96* -8* +8* 


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547 

10 


97* 97* 
188* 380* 


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priic* ctona* m day -0* w> week 


339 

559 


81 HU ST8MSHTS 
MS EJerirofctt 14* 9D AS 


1C*90CS. 

car** Con*. 1091 CS- 
CoohCola F. C. 17.90 N$ 
CoE8*95LFr, 


Denmfc7*92Ecs| 


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„ MB* ISO* -5, O 3557 

American Brand 9* 99 £-. 58 95* 9S* -*8* +8* 3889 

toner. Express DC 10 99 90 95* «* +2* +1* U99 

Borgon Bank 1590 AS— . 50 Ul£ HO* 0 8 13J4 

n 10Z* -8* -8* 988 

2 98* 0 -0* *77 

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Fjjwff_W ~ 208 99* UD* i 8 539 


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14* 92 AS. 
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48* 3X27 
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CMACta.Fto.19 90 AS. 58 108* 

HaMttBS10%97£ 300 

Helton Fin. 13% 9b AS 75 

lmp.Cltoi).lads.]OD3£ M 388 


93% 94% 98* +1* 3AM 

98* 99* 0 —8* 953 

IM* Wi* -0* 8 1557 

95* 95* —0* — 0* 314* 

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NattomrideBS20* 99£_ 75 

NSW Treasay 10*926-. 50 

New Zealand 7* 93 Ecu ». 280 
0eaers.Kil)k.l3*94AS. 75 
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99* 99* +3* 41* 1849 

9fc 97* -8* -«* 8A9 

99* 2D0* -8* 8 39JS2 

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Financial Times ‘Wednesday September 2 1987 


INTERNATIONAL COMPANIES and FINANCE 


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Thar SaafiaarjCentfctaa and Warns toning beat told, rfu: .avwwKzmCTa qjpczn js J raacr cf reccrd otdj. 


Increased;; 
activities 
boost Israeli 
bank 

By Judith » (tot* lit Td Aviv 

ISRAELI DISCOUNT Bank, 
the country's thinHargest bank, 
has reported a 15-fold increase 
in after-tax profits for the first 
half of the year to 30.8m shekels 
(S 19.1m) , compared with the 

same .period -last year. 

Net return on equity of 8.5 
per cent;' however, was the 
lowest rate registered' by any of 
the country^ .- three largest 
banks. Discount equity ■ capital 
grew by 4.7 .per cent, compared 
with the second half of last 
year, to 780m shekels. . The 
bank’s assets, totalling 2051m 
shekels, showed little change. 

The dramatic improvement 
in profitability was explained 
by a substantial increase in 
activities, mainly in the un- 
linked shekel sector; and by 
continued manpower cutbacks. 
Another factor contributing, to 
the turnabout, a spokeswoman 
pointed out yesterday, was the 
sale of 3m shekels worth of 
assets. 

Uatte&HixraM Bank, Israel's 
fourtfc-Iargest climbed .back 
into the black, with net earn- 
ings of 75m shekels ($45m) 
for the six months to June. 
During the same period last 
year, the bank lost 85.5m and 
was the only Israeli bank to 
find itself in the red at the end 
of 1988. 

Ur Michael Zvineri, manag- 
ing director of Mizrahi, - said 
yesterday that the bank's profit 
figure would have been even, 
higher, were it not for the 
large provision made for 
doubtful debts. 

He attributed, the improved 
performance to an increased 
volume of domestic business, 
especially loans to the public. 


; to float Hong 
investment arm 


Vf DAVID DODWEU. IN HONG KONG 


ELDERS DEL, the Australian 
conglomerate headed by Mr 
John : Elliott, has unveiled 
details of plans to float a Hong 
Kong-based investment corn- 
pany. Elders Investments, which 
will be capitalised at US$500m. 
•' The flotation was signalled 10 
days ago, when. Mr Elliott 
revealed ptens to spin off 35 per 
cent of each of Elders' three 
main operating divisions. 

I -. Mr Elliott, said yesterday that - 
; the new company “ would take 
equity . stakes in businesses 
which are not. part of Elders' 


core businesses.” He said most 
of the company’s investments 
would be outside Australia, and 
would generate most of its 
earnings from capital gains. 
These would attract heavy taxa- 
tion if the company were in- 
corporated in Australia. 

The flotation is expected to 
take place before the end of 
September, with an initial 25 
per cent of share capital being 
offered to the public. Elders 
DCL would eventually aim to 
dilute its holding down to 45 
per cent; Mr Elliott said. 


Initial assets in the Hong 
Kong company would include 
14 per emit of Elders Resources, 
a 44 per cent stake in Sundor 
Group, an unlisted US fruit 
juice and - drinks company, a 
5 per cent holding in Pallas 
Group, a European-based in- 
vestment group, investments in 
a company in the US and in 
various Asian countries, a Mel- 
bourne commercial property, 
and US$230m in cash, 

Elders Investments will be in- 
corporated in Bermuda, but 
managed in Hong Kong. 


CRA hit by lower volumes 


THE NEAR-HALVING in first- 
half net profit at CRA was 
largely due to lower sales vol- 
umes and prices for iron ore 
and- coal exports, according to 
Mr John Ralph, the managing 
director, Reuter reports from 
Sydney. 

The mining . and smelting 
group. 49 per cent owned by 
Rio Tinto Zinc of the UK, 
showed a drop in net earnings 
to A$31.08m (822m) in the half 


year to June 30, from A$8058m 
in the first half of 1986. 

A stronger Australian dollar 
also contributed to the profit 
decline by offsetting a rise in 
the US dollar price of base 
metals in the second quarter, 
be said. 

Net figures included a total 
abnormal profit of A$4&2m, 
arising from a change in the 
method of inventory valuation. 
The result would have been a 


AS 12.1m loss without the 
change, while the. year-earlier 
net, which is unadjusted, would 
have been A$7m higher on the 
new basis. 

Stiver, lead and zinc mining 
operations at Broken Hill re- 
turned to profit in the second 
quarter of 1987, 

The A$104.8m extraordinary 
profit arose from sales of invest- 
ments and a write-back of a loss 
overprovision. 


S. African retailer in profit 


BY JIM JONES IN JOHANNESBURG 


TRADEGRO, the South African 
supermarket, retail and whole- 
sale group, returned to profit 
in the year to June 30 1987, as 
loss-making subsidiaries moved 
out of tiie red. Checkers, the 
wholly-owned subsidiary which 
manages South Africa’s largest 
supermarket chain, has ended 
several years of losses. 


Group turnover rose to 
R4.45bn ($2.149bn), from 

R3.71bn, operating profit before 
interest and tax was RSSRm, 
against R6.7m, and pre-tax pro- 
fit was R58.6m, against the pre- 
vious year's pre-tax loss of 
R42An. 

Checkers recorded the 

greatest improvement and 


earned a profit of R6.6m, against 
the previous year’s loss of 
R41.3m. Rusfurn, the furniture 
retail chain, converted 1988’s 
pre-tax loss of R65m into a 
profit of R1 55m this year. 

rjmingg were 65 cents a 
share, against the previous 
year’s loss of 160.4 cents. A divi- 
dend has not been declared. 




TbcseNoces having been sold, this.announcement appears as a matter of record only. 


New Issue- 


August 1987 


A 

Akzo 




AkzoN.V. 

(Incorporated imth limited EabiElymThe Netherlands) 




Can. $60,000,000 
9 3 A% Notes due 1990 


Orion Royal Bank I imitod 

EBC Amro Bank Limited . 

. . Deutsche Bank Capital Maikets Limited 

Union Bank of Switzerland (Securities) Limited 


Algemene Bank Nederland N.V. . 

Basque Bruxelles Lambert SJL 

Hrgdftn Italian n 
Generate Bank 

Kredietbank International Group 
Nederfandsche MMdenstandsbanknv 
Rabobank Nederland . ' 

Verems- und Westbank Aktiengesellsch aft 


Bank Mees& Hope NV 
Banque Paribas Capital Markets Limited 
DresdnerBankAktiengeseHschaft 
IM1 Capital Markets (UK) Ltd 
F. van Lanschot BauHers N.V. 

Pierson, Heldring & Pierson N.V. 

Swiss Bank Corporation Internationa] Limited 
S.G. Warburg Securities 


Merger for 

NZ forest 
group 

rejected 

By Dai Hayward in Wellington 

PROSPECTS HAVE emerged 
of a fresh struggle for con- 
trol of New Zealand Forest 
Products (NZFP). the 

forestry concern. Efforts by 
Amcor, Australian paper 
manufact urer, to buy 50 per 
cent of NZFP in a friendly 
merger agreement were 
rejected by the New Zealand 
Commerce Commission. 
Amcor has withdrawn from 
any further effort to merge 
The Commerce Commission 
is now considering an applica- 
tion by Fletcher Challenge to 
take over Forest Products. 
However, Amcor has sold the 
11 per cent stake it has 
acquired In NZFP to the Rada 
Corporation. Rada w as or igin- 
ally established by NZFP as a 
friendly investment arm and 
could be seen as a defence 
against a Fletcher Challenge 
takeover 

Rada already holds 24.9 per 
cent of Forest Products 
shares. With the 11 per cent 
from Amcor, it has lifted its 
holding to around 36 per cent 
A hint of this was given 
yesterday by Mr Bob Gunn, 
the recently appointed chair- 
man and chief executive of 
NZFP, who is also the chair- 
man of Rada. Bada already 
has Commerce Commission 
approval to acquire 100 per 
cent of NZFP. 

Commenting on the pos- 
sibility of Fletcher Challenge 
also getting the goohead 
from the commission, Mr 
Gunn said: 41 If they wish to 
proceed with a bid it could 
be a race between them and 
us for 50 per cenL” 

Amcor received NZ$5 for 
each ef t he 49 .6m shares It 
held In NZFP. the 

deal with Rada worth 
NZ$248m (US$150m). 



75,000 Adia Bearer Beneficiary Certificates 


issued by Allgemeine Treuhand AG based on> and with the benefits of one-tenth of 
the financial rights of the Registered Shares of 


Adia S. A, 

(Incorporated in Switzerland) 


with 75,000 Warrants to acquire 7,500 Adia Bearer Beneficiary Certificates 


Credit Snisse First Boston limited 


Banque Paribas Capital Markets limited 


Daiwa Europe limited 


Kfalder, Peabody Internationa Limited 


Swiss Bank 


Corporation International 

llmtitO 


Merrill Lynch Capital Markets 


Cazenove & Co. 


Deutsche Bank Capital Markets Limited 


Klein wort Benson limited 


Union Bank of Switzerland (Securities) 


Wood Mackenzie & Co. Limited 



NEW ISSUE 


AH these securities hav'ing been sold, this announcement appears as a matter of necordonfy. 

CIVAS 3 Limited 

U.S.$300,000,000 
Secored FIoatirigRate Notes due 1992 

ISSUE PRICE 100% 


August, 1987 


TbeMkko Securities Co., (Europe) Ltd. 

Bardaysde Zoeie Wedd limited ChuoI^InteniatkH^ 

Mitsubishi Finance International limited 

Bank of Yokohama (Europe) S.A. Bankers Trust International limited 

Qticbrp Investment Bank Limited DKB International limited 

Daiwa Bank (Capital Management) limited Heinwort Benson limited 

MannEKtiners Hanover limited NorincMdn International Limited 

Shizuoka Finance (ILK.) limited Taiyo Kobe International Limited 

Takngin International Bank (Europe) S.A. T<*ai International limited 


All of these securities having been sold, this advertisement appears as a matter of record onljt 


English China Clays P.L.C 


2,875,000 American Depositary Shares 

Representing 

9,625,000 Ordinary Shares 


Bear, Stearns & Co. Inc. The First Boston Corporation Alex. Brown & Sons 

Incorporated 

Deutsche Bank Capital Dillon, Read & Co. Inc. Donaldson, Lufkin & Jenrette 

Corporation Seoirltiw Corporation 

E. F. Hutton & Company Inc. Kidder, Peabody & Co. Lazard Freres & Co. 

Incorporated 

Merrill Lynch Capital Markets Morgan Stanley & Co. PaineWebber Incorporated 

Incorporated 

Prudential-Bache Capital Funding L. F. Rothschild & Co. 

Incorporated 

Salomon Brothers Inc Shearson Lehman Brothers Inc. 

Smith Barney, Harris Upham & Co. Swiss Bank Corporation International Securities Inc. 

Incorporated 

Wertheim Schroder & Co. Dean Witter Reynolds Inc. 

Incorporated 

Advest, Inc. Allen & Company Arnhold and S. Bleichroeder, Inc. 

Inco r porated 

Barclays de Zoete Wedd Group Bateman Eichler, Hill Richards 

Incorporated 

Sanford C. Bernstein & Co., Inc. William Blair & Company Blunt Ellis & Loewi 

Incorporated 

J. C. Bradford & Co. Butcher & Singer Inc. The Chicago Corporation Cowen & Co. 


Goldman, Sachs & Co. 

The First Boston Corporation 


Deutsche Bank Capital 

Corporation 

E. F. Hutton & Company Inc. 


Dillon, Read & Co. Inc. 


Sanford C. Bernstein & Co., Inc. 


William Blair & Company 


Dain Bosworth 

Incorporated 

First Albany Corporation 


Eberstadt Fleming Inc. 


Howard, Weil, Labouisse, Friedrichs 

Incorporated 

Johnson, Lane, Space, Smith & Co., Inc. 


A. G. Edwards & Sons, Inc. 
Furman Selz Mager Dietz & Bimey 

Incorporated 

Interstate Securities Corporation 


Johnson, Lane, Space, Smith & Co., Inc. Johnston, Lemon & Co. 

Incorporated 

Ladenburg, Thalmann & Co. Inc. Legg Mason Wood Walker McDonald & Company 

Incorporated Securities. Inc. 

Morgan Keegan & Company. Inc. Moseley Securities Corporation 


Morgan Keegan & Company, Inc. 

Needham & Company, Inc. Neuberger & Berman 


Piper, Jaffray & Hopwood 

Incorporated 

Raymond James & Associates, Inc. 
Stephens Inc. 

Sutro & Co. 

incorporated 

Tucker, Anthony & R. L. Day, Inc. 

July. 1987 


Oppenheimer & Co., Inc. 
Prescott, Ball & TUrben, Inc. 


The Robinsort-Humphrey Company, Inc. 

Stifel, Nicolaus & Company 

Incorporated 

Thomson McKinnon Securities Inc. 
Wheat, First Securities, Inc. 





Financial Times Wednesday September 2 1987 


UK COMPANY NEWS 


Hawley may 
sell parts 
of ADTto 
meet costs 

By Terry Povey 

Haw'.ey Gronp has told the 
SEC. the US securities watch- 
dog, that it may sell some of the 
assets of ADT Inc, US security 
group, to cover part of the 
£440m purchase cost 
In a filing to the SEC yester- 
day, Hawley said that the debt 
incurred as a result of the pur- 
chase would be repaid from 
internally-generated funds and 
other sources, which could 
include the sale of debt or 
equity securities or the sales of 
assets. 

In August Hawley issued 
$400m worth of convertible 
prefernce shares. It was unclear 
last night whether it aimed at 
a further preference issue, an 
ordinary share offer or just 
som disposals of ADT assets. 

" Last Friday, Hawley, a 
rapidly-expanding international 
services group based in 
Bermuda but quoted in London, 
announced that it reached 
agreement with the quoted ADT 
on an 352-a-share cash bid. 
valuing the US company at 
9715m. 

Black Arrow 

Mr Arnold Edward, chair- 
man of Black Arrow Group, 
told the annual 1 meeting that 
sales in the first quarter were 
well ahead of the correspond- 
ing period last year. 

He said order intake was 
also running at much higher 
levels than ever before, and 
he fully expected the gronp 
to achieve another record 
performance in the half-year 
to September 30. 

“I have never been more 
confident of Black Arrow's 
prospects'* he added. 


Plessey near sale 

Plessey, the UK electronics 
group, is dose to agreeing the 
sale of its connector business 
to a UK-based electronics com- 
pany. 

Plessey announced in June 
that it had put its electrical 
connector business, based in 
Northampton, up for sale as 
part o£ its strategy of concen- 
trating on high technology 
activities in the defence, tele- 
communications and component 
divisions. 

The connector business, based 
in Northampton, has a turnover 1 
of more than £l6m a year and 
is profitable. Plessey said the 
likely purchaser wanted to con- 1 
tinue activities at Northampton. . 


Mixed fortunes for Taylor 
Woodrow at midway 


BY DAVID WALLER 

DESPITE A buoyant housing 
sector and a record performance 
from its property division, 
Taylor Woodrow’S interim 
profits were held back by diffi- 
cult overseas contracting 
markets and loss-making related 
companies. 

Exacerbated further by 
adverse currency movements, 
the group's pre-tax profits for 
the six months to the end of 
June advanced by £L125m to 
£21.18m. This 5.6 per cent 


Mir* ■ -cfi 
plr xM, . . '«■ 

Ip -m 





m m?. 

i >: Xtr 
.* > x- - 


■VKT 

-*.v — 


£21. 18m. This S.6 per cent 
increase was achieved on turn- 
over of £392m (£3 77m). 

The results were at the lower 
end of City expectations and 
the shares closed 13p down at 
41 Op, after falling below 400p 
at one stage. 

Sir Frank Gibb, and Sir Frank Gibb, chairman and 

chief executive, said that the chief executive of Taylor 
group had benefited from Woodrow, 

favourable housing markets in , . 

the UK and in California, margins on contracting business 
Overseas contracting, however, had been kept down by keen 
proved difficult, and in the UK, competition. 


Related companies incurred a 
loss of £516,000, against a profit 
of £L3m last year. Sir Frank 
said that tiie tumround was 
mainly attributable to Seaforth 
Maritime, in which Taylor 
Woodrow has a 45 per cent, 
stake. This company provides' 
support services to the North 
Sea oil industry, for which 
demand was depressed in the 
first half. 

The strength of sterling 
against US, Panadiqn and 
Australian currencies meant 
that there was a loss on trans- 
lation of £800,000. 

After taxation of £7Jhn 
(£7.1m), and minority interests 
of £L8m (£©.8m), attributable 
profits were £ 12.6m (£12JLm). 
Earnings per share amounted 
to 8.7p, against R4p. 

The board declared an 
interim dividend of 2.5p (2J25p) 
per share. 

See Lex 


Christy Hunt sees £0.26m 


BT STEVEN BUTLER 

Christy Hunt; engineering 
group, yesterday moved to 
strengthen its agreed bid for 
Deritend Stamping with a fore- 
cast that consolidated pre-tax 
profits would reach at least 
£258.000 in the year to the end 
of June 1987, on a merger 
accounting basis. 

The forecast compares with a 
restated loss of £81,000 for 
1985-86. 

Christy added that it had 
acquired 10 per cent of Deri- 


tend since its offer was an- 
nounced on August 13, mostly 
for a price of GOOp. 

Christy's share offer is on the 
basis of 20-for-S with a cash 
alternative of 600p. The paper 
offer was yesterday worth 74€p 
with the Deritend shares clos- 
ing at 658p. 

The Deritend board agreed 
to the CSiristy offer after re- 
jecting an offer by Carclo En- 
gineering Group, which it 
described as unacceptable in 


DIVIDENDS ANNOUNCED 

Date Correa- Total Total 
Current of ponding for last 
payment payment div year year 


Automagic $4.25 — 4 6.5 6 

Bredero Properties int 1.7 Oct 29 IS — 4J25 

Executes Clothes ...int 1-5 Nov 4 128* — 2.08* 

Eucalyptus PH int 2 Sept SO 2.1S** — 14.54** 

Hartona Gronp ...int 0.61t — 0.53 — ■ 1.6 

IBC int 1 — 0.75 — S 

Ipeco Holdings ...int 1 Nov6 1 — 2.85 

Jos Holdings 2.71 Nov 5 2^8* 3.67 3^3* 

MacFariane int 125 — 1.11 . — 2.76 

Pickwick Gronp ..ant 0.8 Oct28 — — — 

Powerline Inv int $1 Nov 3 1 — 225 

Taylor Woodrow ...int 2.5 Octl 225 — 95 

Templeton Gbratth int 113.5 Oct 20 3 — 9 

Dividends shown pence per share net except where otherwise 
stated. * Equivalent aftr allowing for scrip issue, t On capital 
increased by rights and/or acquisition issues. IUSM stock. 
§ Unquoted stock f Third market, g US cents throughout. ** On 
25p shares since sub-divided to 5p 


last 

year 

6 

425 

2.08* 

14.54** 

1.6 

3 

2JB5 

3.33* 

2.76 


amount; form, and substance. 
Carclo said last week that it 
was extending its 4-for-7 offer 
until September 15. The offer 
was worth 510p per share yes- 
terday. 

In their offer documents both 
companies indicated that oppor- 
tunities existed for regional 
expansion of the Deritend elec- 
trical division and use of the 
division’s distribution network. 
Further investment in techno- 
logy would benefit the invest- 
ment casting division, and 
further marketing opportunities 
would be sought 

Cont Stationery 

Continuous Stationery, busi- 
ness forms manufacturer, 
will receive a significant boost 
to profits this year due to the 
sale of its headquarters in 
London. 

The company said yesterday 
conditional contracts had been 
exchanged to sell the site at 
Green Dragon Yard, London E 
for £L.65m. The net proceeds, 
after tax and associated 
charges, are estimated at 
£900,000, compared with a book 
value of £133,000. 

Mr Michael G urner, group 
managing director, said the 
profit would be treated as an 
exceptional item. 


This announcement appears as a matter of record only 

THE BRITISH 

PRINTING & COMMUNICATION 
CORPORATION pic 



US$150,000,000 

Revolving Term Loan Facility 

Arranged by 

Credit Agricole 

London Brandi 

Underwritten by 

Credit Agricole Kansallis Banking Group 

London Branch 

Funds Provided by 

Bank of America NT & S A Copenhagen Handelsbank A/S 

London Branch 

Credit Agricole Dresdner Bank Aktiengesellschaft 

London Branch liMdnn Brwwrii 

Kansallis Banking Group Kredietbank International Group 
The Long-Term Credit Bank of Japan, Limited Nederiandsche Middenstandsbank nv 

Standard Chartered Bank Swiss Volksbank 

London Branch 

Union Bank of Switzerland 

London Branch 

Agent Bank 

Credit Agricole 

London Branch 


July 2987 




Fletcher 

Dennys 

capital 

package 

By Philip Gog&nt 

Fletcher Dennys Systems, the 
USM-quoted microcomputer 
systems dealer, yesterday an- 
nounced details of a capital 
reconstruction programme, 
through which a consortium 
led by Hillsdown Investment 
Trust will take a 61-6 per cent 
stake. 

The consortium is subscrib- 
ing for 20m shares at 5p each, 
compared with the 76p at 
which the shares were trading 
before they were suspended 
last week. In addition, around 
4m shares will be offered to 
existing shareholders at 5p 
each via a one-for-four 
rights Issue. The combined 
package will raise around 
£L28m for the group. 

Hillsdown I nves tment 
Trust, hi which Hillsdown 
Holdings, tiie food-to-fond- 
ture group, has a 90 per cent 
stake, was established in May 
to provide investment capital 
and management support to 
developing businesses. This is 
its first investment tax a 
q uoted company. 

HIT will subscribe for 
around half the consartiam’s 
stake, leaving it with a 30 per 
cent holding. The other mem- 
bers of the consortium are 
Mr Michael Williams, for- 
merly of BHcro Business 
Systems, Mr Nick Oliver, an 
accountant, Mr Michael 
Shafran, a stockbroker, Gart- 
more Special Situations Trust 
and investment clients of 
Parrish Investment Manage- 
ment. 

** Fletcher Dennys was 
losing money fairly heavily,” 
said Mr Robe rt Evans, a 
director of HIT. “The com- 
pany had geared up for 
growth which didn’t occur. 
We intend to make a number 
of cutbacks to Btem the losses 
and then we will Zook for new 
acquisitions." 

HIT said that the Invest- 
ment in Fletcher Dennys gave 
It a chance to est a blish a 
base in the microcomputer 
software systems and services 
market. 

Fletcher Dennys came to 
the USM in tally 1986 on the 
back of pre-tax profits of 
£463,006 in tile previous fin- 
. amcial year. But a slump in 
local authority sales led to 
the group making a pretax 
loss of £900.600 222 the year to 
March 1987. 

The company was founded 
by four former ICL em- 
ployees, including Mr 
Fletcher and Mr Dennys after 
whom It was named. 

But lb Dennys announced 
in May that he was leaving 
the group and Mr Fletcher 
is now resigning as well. The 
other two founding members, 
Mr Keith Boll and Mr Pant 
Strasburger, are staying an 
and are subscribing for a 
further 1.6m shares under the 
reconstruction pl a n . 

The other directors will 
allow their entitlements under 
the rights issue to lapse and 
will be resigning &om the 

board. 

Mr Bull, who will continue 
as chairman, said that the 
board had considered three 
financial packages and that 
Hillsdown’s was the most 
attractive. 

“We H»fak a lot of com- 
panies in this sector win he 
amalgamating and with Hflifi* 
down's reputation, we’re con- 
fident that well be well posi- 
tioned In five years’ time " be 
said. 

Whittington Eng 

Whittington Engineering Is 
to seU the trade and assets 
of the bulk material handling 
business based In Chester- 
field to the existing 
management. 

The assets being disposed 
of Include fixed assets, stock, 
work in progress and the 
right to use the trading 
names of Whittington Engin- 
eering, Numee and Derby- 
shire Carriage and Wagon. 

Consideration will he 
£53,595 in respect of the 
fixed assets together with the 
value of the stock and work 
in progress as at September 
1 1987. 

In the year to January 31 
last, the hulk material hand- 
ling business had a turnover 
of £L02m with losses, before 
tax and extraordinary 
charges, but after exceptional 
charges, of £238,573. 


Templeton Galbraith 
boosts its profits 15% 


BY PHILIP COGGAN 

Templeton, Galbraith & Bam- 
berger, the New York fund 
•management company which is 
listed on the London Stock Ex- 
change, yesterday announced a 
14.6 per cent increase id pre-tax 
profits and a 25.5 per cent 
increase In earnings per share 
tax the six months to June 30. 

The group’s assets under 
management increased by 30 
per cent in the six months, 
amounting to 9l2fibu (£7.8bn) 
by the end of the half. About 
$12bn of the increase came 
from sales of mutual funds, 
closed-end fund dotations and 
additional assets placed under 
management. Investment ad- 
visory management and service 


fees increased by 86 per cent 
and now constitute 43 per cent 
of turnover. 

Ur Thomas Hansberger, tile 
group's chief executive, said 
that the company would con- 
tinue its pursuit of global 
development through internal 
growffli and acquisitions where 
they are economically or stra- 
tegically justified- 

In July, TGH agreed to buy 
Templeton Management, a 
Canadian Investment advisory 
group for £2.4m. The Canadian 
company largely markets TGH 
funds. 

Turnover for the group was 
868.8m («6&6m) and after 

deducting distribution costs of 


$33 ,2m (337.5m) and adminis- 
trative expenses of 51027m 
(38.35m), operating profits were 
825.34m ($22£m). After 

including other operating 
income of 31.84m ($960,000) 
and deducting interest payable 
of 5630,000 (573,000), the pre- 
tax profits were $26fi6m 
($23.18m). 

The effective tax rate fell to 
17 per cent from 34 per cat, 
after the changes in the US tax 
law, and the tax charge accord- 
ingly fell to 84-56m from 
55.57m. Earnings per share were 
13L8 US cents (11 US cents) and 
the interim dividend is being 
set at 3£ US cents (3 US 
cents). „ „ 

See Lex 


Hartons’ profits soar to £2m 


Hartons Group, Nottingham- 
based holding company which 
specialises in the dfetribotion 
and manufacture of plastics, 
more than doubled pretax pro- 
fits from £803,000 to £2.04m in. 
the six months to Jane 80 1987. 
Turnover during the period in- 
creased by 31 per cent from 
£29. 67m to £38 .86m. 

The directors lifted the de- 
clared interim dividend from 
0£3p to 0.61p and earnings rose 
substantially 1 from L09p to 
2.48p. 

The chairman said the group 
had made significant progress 
tax 1987 tax establishing itself 
88 a leading international dis- 
tributor of semi-finished plas- 
tics and as a result more than 
75 per cent of the group’s pro- 
fits were now derived from its 
distribution activities. 

For the second- half, the pros- 
pects for VT Plastics, its distri- 
bution arm. would be enhanced 
as a result of its entry Into 


the Spanish market through its 
acquisition of 90 per cent of 
Resinas Sinteticas Opales. 

ELson & Robbins, the princi- 
pal manufacturing arm of the 
group, ' also made progress, 
particularly on the sales of 
PVC foam. Further expansion 
was expected in the second 
half. 

As trading was normally 
better in the second half than 
the first, and given tfie high 
level of activity currently 
experienced by all the busi- 
nesses within the group, he 
was confident that the outcome 
for the full year would be very 
satisfactory. 

Tax charges rose from 
£309,000 to £742,000 and 
minority Interests accounted 
for £29,000 (£19,000). Last 

year Hartons made profits of 
£2£4m (£L89m). 

• comment 

Yesterday's figures are the 


Bredero gets boost from 
commercial property side 


A SUBSTANTIAL increase in' 
profits from the commercial 
development side in the first 
six months left Bredero Proper- 
ties' interim pre-tax profits up 
22 per cent from £979,000 to 
£L19m at June SO. 

The directors said that tax 
addition to the current develop- 
ment programme further oppor- 
tunities had been identified and 
were being considered. It is 
expected that In common with 
1986. profit contribution in the 
second half will be substantially 
greater than that reported for 
the first six months. 

In particular, the second half 
will benefit from completion of 
High Wycombe and St Albans 
developments and from further 
lettings for Flying Horse, Not- 
tingham development. As a 
consequence the board views 
the future with confidence. 

Bredero -earned profits of 
£l-92m in the latter half of last 
year out of the total pre-tax 
profit of £2.9m. 

The improvement in profits of 


commercial developments in 
tiie first six months was one of 
54 per cent to £693,001 
(£449,000); residential develop- 
ments rose just 10 per cent to 
£324,000 (£295,000), 

Turnover for the period was 
up from £11. 79m to £l5.13m; 
tax took £202,000 (£155,000) 
leaving earnings per share of 
4.9p (4.9p) weighted, and 4Jp 
(4.1p) on shares in issue. 

The interim dividend is i 
raised from l.5p to L.7p per 
25p share. 

Storatgard - 

Trading by Stonngard, the 
fashionware and fabrics group 
has been restrained by poor 
weather, Mr John Murray, 
chairman, said in his annual 
statement This year would be 
another difficult trading period. 

Mr Murray said group debt 
had been reduced by disposals. 
There was thus a more solid 
base upon which to build up 
the business. 


first free of Hartons’ bogeyman, 
the heavily loss making gas and 
electrical appliances maker 
DIP, sold in July 1986. Dis- 
counting this loss elimination, 
profits are up 20 per cent Plas- 
tic continues to take market 
share from wood and metal and 
with the big plastic companies 
researching night and day on 
new applications, Hartons. with 
30,000 customers in its UK net- 
work, is well placed to benefit. 
However, Hartons wtU not 
abaxxdon its manufacturing side 
altogether — even if with. 75 per 
cent of profits coming from the 
distribution side, there is cer- 
tainly no doubt where the 
future lies. With the UK mar- 
ket pretty well covered, 
further acquisitions in the US 
are likely, as are fresh moves 
into Italy and Germany. Assum- 
ing pre-tax profits of £5m -tills 
year, the shares at 87p, up 5p, 
are trading on a prospective 
p/e of 15. 


Smiths Inds. wait 

Smiths Industries yesterday 
said that the mandatory 80 day 
waiting period under US anti- 
trust laws in connection with 
its acquisition of Lear Siegler 
Avionics Systems had been 
extended by the US regulatory 
authorities. 

Mr Roger Hum, Smiths chair- 
man, said he believed tbe exten- 
sion bad no particular signifi- 
cance and he expected the wait- 
ing period would be terminated 
this week. 

“ We think It is a temporary 
glitch,” he said. 

- Pentos 

Pentos, the publishing, retail- 
ing and property company, yes- 
terday announced that it had 
completed a 25-year sale and 
lease back arrangement for its 
Shop in the Commarket, Oxford, 
with National Provident Institu- 
tion. 

Net of the £460,000 premium 
payable, Pentos will receive 
£3.6m for the sale and pay 
£202,500 a year rent In June, 
the company raised funds to 
pay for this purchase. 


lha«d»ertiscgKtt hawed fa compflarowafatte icqulremMttt ofdM ComcS ol Hie Stock Eadan^ It 

minriatMnlOttopi^toMhaa^iKarputtAttcmyifagna. T1ngl n\«*tm c iitujfly; n uiy atagfa ricgBcafnsfc. 


1981 No 1743391) 

TRADING ON THE THIRD MARKET 

Ordinary Share Capital 


Authorised _ 

£3,000,000 Ordfoaty Shares of Speech £2^80,032" 

Leading Leisure pic and rte subsfcBarles have interests in leisure activities, including hotels, public 
houses, dfecoiheques, betting shops, casinos and bingo dubs, as wefias in consirucitan, property 
development, house building and security. 

The Councfl of The Stock Exchange has granted permission for the whole of the issued ordinary 

share capital dleaicing Leisure pte to be traded on the ThW Market Dealings in the shares will 

commence on 3rd September, 1987. Particulars of Leading Leisure pic may be obtained during 
usual business hours from its Sponsor, Ranmure Gordon & Co. Limited, up to end including 15th 
September, 1987 and are also available in the Extol Third Market Service. 

Leatfing Leisure pic, 

Briton House, 

10-12 Briton 


Sssuad and fuHy paid 
£2^80,032 



INTERNATIONAL BUSINESS COMMUNICATIONS (HOLDINGS) pic 



Interim Results 1987 


TURNOVER 


PRE-TAX PROFITS 


DIVIDENDS 

EARNINGS PER SHARE 


Six Months to 30/6/87 

Six Months to 30/6/86 

£9L5m 

£5.9m 

£lAn 

£0«8m 

L0p 

0.75p 

5.1p 

3Jp 


% Change 

UP 61% 


UP 138% 


UP 33% 
UP 59% 


Results are tmauditecL A full Interim Report is bring despatched tg aU Shareholders. 
Inteniatk»aIBuanessCcmaimmc«ioiis (Holdings) pic, Bath House, 56 Holborn Yiaduct, London EC1A 2E5C. Tfcl: 01-236 4080. 


4 


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Financial- Times Wednesday September 2 1987 


UK COMPANY NEWS 

Ryan ups halfway profits to £4m 


High exchange rate 


Bm M ot mH imiI » • C nfl f. raid a dividend since 1974, said 
based coal recoverer and open that it was its intention to pay 
cast con t ract or , lifted pre-tax a dividend in Aprill988 of not 
profit s from fSLffihh' to £Ufin Iks' *h*n 4p. 
on turnover down from £5557m Mr Michael Ward Thomas. 
>t £%J 2 xn in the six months to duuxman, said bo was confident 
June 30 1987. that Ryan would continue to 

Ryan, which bas been trans- make /progress in a difficult 
formed into one of the biggest coal market. The £27.4m acquisi- 
privata coal recovery groups in tkm. of Derek Crouch earlier 
Europe since the arrival in 1985 . this year . bad radically altered 
of MrCrispian Hotson, its South the scale of Ryan's operations 
African chief executive, then and expanded the company into 
Managing director, lifted earn* large-scale coal opencast mining 
ings per 20p share from &J33p activities. Figures for last year 
to 5.34p or 5.0Sp to 5.04p on a indude those of Crouch, 
fully dilated basis: The chairman said that the 

The company, which has not Crouch organisation had been 

Dragon Trust heads for 
market via £12m placing 

BY RICHARD TOMKINS 


AN INVESTMENT trust called 
Dragon Trust is about to be 
launched with the aim of pro- 
viding long-term capital growth 
for its shareholders through in- 
vestment in the Far East 

James Capel is .placing, 120m 
shares at ZOp each with 
warrants . attached, so raising 
about £ll.65m after expenses 
which will be available to the 
trust for investment/ It will 
be administered- by Edinburgh 
Fund Managers. 

The trust-will -invest initially 
in Hong. Kong,- Malaysia, the 
Philippines, Singapore, South 
Korea, Taiwan and. Thailand. 
In future, investments . may 
spread to -China, India and 


Indonesia, . but the trust will 
not invest in Japan or 
Australasia. 

The - directors believe that 
the growth in Far Eastern 
won o*" les and changing atti- 
tudes to the financing of com- 
panies in die region provide 
attractive opportunities for 
capital appreciation. They 
single out South Korea and 
Taiwan as markets which 
should become more accessible 
to foreign investors. 

. However, they acknowledge 
feat risk factors in the region 
Include the ' possibility of 
political change, the imposition 
of exchange controls, and 

CQZTency fliiMuatinnc, 


successfully Integrated with that 
of Ryan and since then Crouch 
bad won a major contract, its 
first for several years. Ryan was 
transferring its advanced coal 
washing technology from 
Belgium to enhance die opera- 
tions acquired in the US « part 
of the Crouch deal. 

The UK coal recovery opera- 
tions under the banner of Ryan 
ConsoEdMed— the Joint venture 
wkh Consolidated Gold Fields— 
had won a major Scottish con- 
tract. It would have a third site 
on stream in the second half. 

Ryan Mining continued to 
expand its production while the 
consulting engineering sub- 
sidiary had been instrumental 
in the award-winning design of 
tiie Ebbw Vale Garden Festival. 
The Belgian operations con- 
tinued to run efficiently but in 
an environment of falling prices 
and lower saAes volumes. It had 
failed to contribute to group 
profits. 

During the period Ryan had 
disposed of the activities of the 
Crouch organisation whicli were 
not relevant to its coal opera- 
tions. The Ryan subsidiaries in 
the braiding i n d u s t ry had also 
been sold and Mr Ward Thomas 
said it was a n t ic ip ate d that 
during the second half of the 
year the remaining surplus 
assets would be sold. 

At tiie end of the period the 
company consolidated its 5p 
shares on the basis of one-for- 
four into 20p shares. 

Tax took £L58m C£ 112 m) 
and extraordinary 4tem» — the 
costs incurred with the closure 
of Crouch’s Peterborough office 


pegs back profits 
at Ipeco Holdings 


and disposing of the construc- 
tion and building supplies 
activities of the group — 
amounted to £776,000 (ml). 

• comment 

The orlny that attaches to any 
long-term assessment of Ryan 
International’s prospects is that 
the enthusiasts' best hopes are 
pinned on the opportunities 
which would be thrown up by a 
liberalisation of the UK coal 
and electricity generation 
utilities. Tet it was company's 
most liberalised markets— 
Belgium and the US which 
proved to be such a drag on 
first-half profits. Soft oil prices 
drove the coal price down to the 
point where Belgium turned into 
losses of £200,000 and the US 
barely managed to break even, 
so it was only the resilience of 
the illiberal UR market and a 
fortuitous £lm profit on the 
revaluation of some coal extrac- 
tion equipment that prevented 
the ignominy of a sharp pre-tax 
downt ur n. On a short-term 
view, some slight recovery 
overseas and new contracts in 
the UK may bring a better 
second-half performance and 
provide the improvement in 
earnings per share which has 
so far eluded the new manage- 
ment Around £10m pre-tax 
would feed through into a pros- 
pective price/earnings multiple 
of 11 at 152p— a rating which 
appears to reflect the market’s 
lack of conviction that coal 1 
mining is the boom industry of 
tomorrow. 1 


A HIGHER average US dollar 
exchange rate dented taxable 
profits in the first half at Ipeco 
Holdings, a manufacturer of 
specialist products for aviation 
and defence industries, and 
marred good progress made in 
tbe development of the group. 
Profits fell from £1.6m to £im 
on turnover up from £4.03m to 
£4.75m in the six months to 
June 26, 1967. 

The directors declared an 
unchanged interim dividend of 
lp and after tax down at 
£351,000 (£580,000) earnings 
per ordinary share fell from 
4Jp to 2 .37p. 

Mr Christopher Johnson, 
chairman, said that Ipeco 

Europe — the company's aircrew 
seating business — increased 
unit production by almost a 
third and its order book con- 
tinued to set record levels, 
largely because of the robust 
good health of the commercial 
aerospace industry and further 
"^tension of the customer/user 
base. Investment in manufac- 
turing facilities had realised 
greater production efficiencies 
to offset in part the adverse 
effect on profits of currency 
movements. 

Benson Lund, Ipeco's aircraft 
interior company, continued to 
perform solidly and was due to 
occupy new purpose-designed 


premises. The IPE pn gtiwring 
services business held its 
volume but continued to ex- 
perience a bias towards short 
run development projects in a 
highly competitive market. 
Order levels from defence con- 
tractors remained weak and 
m a r g in s were significantly lower 
as a result 

Mr Johnson said that Ipeco 
was determined to identify pro- 
ducts with the potential for 
development into market 
leaders and cited Airlec, the 
airport Cargo handling outfit 
which it acquired in February, 
and Polymeric Composites, its 
advanced composite materials 
operation established late in 
1986, as examples of Ipeco’s in- 
vestment strategy. Airlec had 
made strong progress and Poly- 
meric an encouraging start 
However, neither would contri- 
bute to group eamingK this 
year. 

He said that the results for 
the full year would reflect the ! 
strong output growth at Ipeco 1 
Europe, and the second half i 
would see further market pene- 
tration by the younger com- 
panies in tiie group. In the year 
to December 27 1986 Ipeco made 
profits of £3.02m (£2 .96m). 



Property Security 
Investment Trust 
p.l.c. 


SCRIP ISSUE DIVIDEND INCREASE 


Extracts from the statement by the Chairman, Mr. A. R. Perry 

■ Profit before tax increased to £5.6 million. 

■ Gross rents up by £900,000 to £8.93 million. 

■ Development activity increased throughout the year. 

■ First lettings on Chineham Business Park. 

■ Planning application for retail park at Haydock. 

■ Office block in Belgium completed and let to I.C.L 

■ Work commencing on offices and warehouses for Sobering 
A.G. in Holland. 

■ Net asset value £1.97 per share at 31st March 198Z 

■ Scrip issue 1 for 4. 

■ Dividend increased from 2.5p to 3.0p per share. 


Results for the year ended 31st March 1987 



£000's 1987 

1986 

1985 

Rents receivable 

8,930 

8,061 

6,816 

Net property income 

7,577 

6,955 

5,819 

Profit before tax 

5,608 

5,408 

4,729 

Ordinary dividend per 
share 

3.0p 

2.5p 

2.08p 

Share capital and 
reserves 

119,456 

104,065 

95,624 


Copies of the complete Report ami Accounts may be obtained from the Secretaries, 
W H. StentifonJ and Company 1 low line, London EC2V 7JJ. 

Itt U doom Ah te* r a*bi Sol wrt » ftgfesr t/Comm riaami m aOrtam 

cup Hr a taste ar so^r On* ww sr neoatos » salt m bob d ok 


BY TERRY POVEY ■ 

lam, Imntffmg Tnann fj w- t mw f. 

and wholesaler, yesterday an- 
nounced the amicable b reak up 
of the concert party which hi 
March took a 29.8 per cent stake 
in the company. 

City of Westminster FinaxM 
dal, the investment and finan- 
cial services group run: by Mrf 
Andrew Grey stake, and .Mr. 
Chimn Gidoomal, rKnlrman 


Taskhead, tiie two members ... 
the concert, confirmed that tiiel 
pa rty w as over. ' 

CWF has sald 800,000 of its 
1.053m shares (9-2 per cent) 
holding to Mr Gidoomal fori 
£880,000, or. tLOpva 
compares tn an average 
plus carr ying c ost of about 
a share CTWF will remain 


holders of a 24 per cent state 
in Lanca and no longer wishes 
to be considered in a concert 
party with Mr Gidoomal, who 
(now has a 27 per cent holding. 

Co mm en ti ng yest erday , Mr 
Sally Morgan of CWF said 
that tiie company planed to 
"concentrate on r unning 
Snmrie Clothes " and that the 
decision to reduce the T^iu-a 
holding had been made in its 
best interest as M running 
‘company on a concert party 
basis is very difficult.” CTWF 
'Completed the purchase of 
(major 'Stake in tiie loeamaking 
Snmrie last month, obtaining 
.board control in the process. 


Seacon has over 90% of Milford 


Seaton Hot d to gs,, . private 
cargo handler • • and • shipping 
group, now" contra!* ' * little 
more , than • per^^cent •• of 
Milford /Docks Company, Welsh 
harbour ted hotel operator- Ita 
bid was -dedared unconditional 
at the end of Jari:' week. 

Hie figure; for acceptances by 
August 28 were 224m shares or 
7L88 per cent Seacon owns an 
additional 584£0O shares (18.75 
per cent). However, because of 


St andar d Bank 
Import and Export 
Finance Company 
Limited 
. £60000000 


itetttZ 


© 


The Standard 
Bank of 
South Africa 
Limited 

In accordance with the 
provisions of tbe Nolae notice 
is heraby ghiisn that the rate of 
interest for the three month* . 
26th August, 1987 to 30th 
Novambec 1987 has be e n B a s e l 

at XW> percent endthe Merest 

payable on tfw relevant Interest 

payment data 30th Novembec 

1987, will be £137.62 per 

£8,000 Note. 

.■jSS wtSdM s wh sa ft 
Bank LfmftMt, 

■ Lo n don. 


MflfordV status— it was chap 
tered by Parliament in 1874— 
compulsory purchase powers do 
not apply and Seacon win not 
be tele to mop up .tiie 
remainder.- . 

■The offer Will be kept open 
until further notice and the 
listing- retained until Seacon 
starts trading an the Third 
Market, which is likely to be 
later this month. 

MAI makes money 
ivolring disposal 

By Richard Waters 

MAI, money - broking and 
fin an c ial services group, has 
sold its -domestic sterling 
business, run by subsidiary 
Harlow Ueda Savage, to Euro 
Brokers Holdings. The value 
of the deal has not been 
disclosed. 

MAI has ran two competing 
money-broking businesses since 
1962. The sale marks the end 
of its plan to sell one of these. 
In a buyout last year, Euro 
Broken paid £19m for other 
parts of the Harlow Ueda 
business. 

The sale leaves MAI witty 
about 90 per cent of its origir^l 
moneybroking business. Brok- 
ing and securities generated 
£15m of the group’s £24m 
profits in tbe six months to 
December 31 1988. 


NOTICE OF FINAL INSIAUkpiT 
to tfw Holden of 



POSHPANKK3 

LJ.S. $200,000,000 TA% Note* dne 16th September, 1993 
Thaxche A: U-8. $100,000^00 ImePticefl01»% 
Tranche B: VJS. $100,000,000 Issue Price* 10116% 
lyablc as to 2I%% OH 16th September, 1986 and as to 80% 

cm 16th September, 1987. 

mrs is HEREBY GIVEN that the final imtahnfnt (the "final 
ahnent”) due cm tbe Tranche B partly-paid Note* folk doe onl&b 

rit payment of the final instalment bum be accepted a 10.00a.m. 
■w^ktime) 30th September, 1987. Failure to py such natahn ent 
iny Tranche B Note will entitle 

«ibk and to retain for its own use and benefit t he first irMslmen t 
tern and to be released torn any obUgstioo m pay intmestteeiean. 
ment of the final insalmeut, together w»* i acauedmteiest m the 
rof tee payment dumld be ^ 

npany cfNew York, 
modem*) or Cedel S^. for the 

showntathrirreconfe as being enntkdtopardy-paidTmndieB 


-tunned. Account noicer ;- . .r r __ 

■ prtodpdamoont of^ Dmcbe B Notes in reject of die final 

receited. ‘ ... 

te^'1987 - - - ' 


Trust; 
r , London 


Agent Bank 



lime is running out. 

If you have said yes to TSB Group shares, 
it’s most important that you make your final 
payment right away. 

It must be received not later than 3pm 
next Tuesday, 8th September — or you may 
lose your right to your shares and any 
entitlement to bonus shares. 

If you haven’t already done so, please 
send your payment immediately, together 
with the whole of the document which was 
sent to you telling you how much to pay in 
the pre-addressed envelope provided. 

If you want any further information, 
please telephone 0272 300 300 without 
delay. 

(Since 1st September the price quoted 
for your TSB shares has been based on 
both payments having been made.) 

I^s time you said yes again. 




28 


Financial Times Wednesday September 2 1987 




This advertisement hs issued in compliance with the requirements of the Council of The 
Stock Exchange, it does not constitute an invitation to the public to subscribe for or purchase 
shares. Application has been made to the Council of The Stock Exchange for admission to 
the Official list of the Ordinary Shares of 5p each of EFM Dragon Trust ptc now being issued 
end of the Warrants attached thereto when detached, his expected that dealings in the 
Ordinary Shares (with Warrants attached) will commence on 7th September, 1987. 







EFM DRAGON TRUST pic 

(Incorporated in Scotland under the Companies Act 1985, Number 106049) 

Placing by 
James Capel & Co. 

of up to 120,000,000 Ordinary Shares of 5p each 
(with Warrants attached) at lOp per share 
payable in full on acceptance 

Placees will receive one Warrant for every five Ordinary Shares subscribed. Each 
Warrant confers the right to subscribe for one Ordinary Share at lOp per share 
(subject to the usual adjustments) on 31st January in any one of the years from 
1989 to 1996. 

The placing is conditional upon acceptance being received for a minimum of 
75,000,000 Ordinary Shares of 5p each (with Warrants attached) by 10.00a.m. on 
4th September, 1987. 


Authorised 

£7,200,000 


SHARE CAPITAL 

In Ordinary Shares of 5p each 


To be issued 
fuilypaid 
£6,000,000 


EFM Dragon Trust pic is a new Investment trust Its objective is to provide long- 
term capital growth for its shareholders through investment in the markets of the 
Far East (excluding Japan and Australasia). 

Up to 30,000,000 Ordinary Shares of 5p each (with Warrants attached), represent- 
ing 25 per cent of the Ordinary Shares now being placed, are being placed 
through Allied Provincial Ltd. 

Listing particulars relating to EFM Dragon Trust pic are contained in new issue 
cards circulated by the Ext el U.K. Listed Companies Service and copies of the 
Listing Particulars may be obtained during normal business hours on any week- 
day (Saturdays and public holidays excepted) up to and including 4th September 
1987 from the Company Announcements Office of The Stock Exchange and up to 
and including 16th September 1987 from the addresses shown below. 

James Cape! & Co 
Jamas Capel House 
6BavisMafks 
London EC3A7JQ 


Edinburgh Fund Managers pic 
4 Metvffle Crescent 
Edinburgh 
EH37JB 


Allied Provincial Limited 
100 West Nile Street 
Glasgow 
G12QU 

2nd September 1987 


•gMS OM UMS IIM SgM •BMSBMSBM SgM SBMSffM«ffM< gM » BM * g M »gM« BM» 


i) 


VIVAT HOLDINGS PL C 

Lee Cooper Group PLC 
announces that 
the Company name 
has been changed to 
Vivat Holdings PLC. 


VIVAT HOLDINGS PLC 

126/134 Baker Street, London "W1M 1FH. 

Tel: 935 1738. Fax: 935 7761. Telex: 262218. 


Greenbank 
clawback 
brings poor 
response 

B y PWlp Count 

ONLY 115 per cent of the 
shares offered by Walker Green- 
bank, the industrial mini- 
conglomerate, under a clawback 
facility were taken up by ex- 
isting shareholders. The rest of 
the shares will remain is the 
bands of the Institutions, with 
whom they were placed as part 
of the consideration for the 
£32m acquisition of Wall-cover. 
mgs, which was announced last 
month. 

The poor response follows a 
series of low take-ups in claw- 
backs and rights issues. 

“What can we do if the mar- 
ket collapses?" said Sir 
Anthony Jolliffe, Walker Green- 
bank’s chairman. “ It’s just a 
temporary hiccup,” Walker 
Greenbank’s shares, which have 
fallen as low as 133p in recent 
week£ dosed at the placing 
price of 145p. 

Oxford Instalments 

Oxford Instnxnents, the UK 
high-technology group, has 
bought a Chichester - based 
manufacturer of medical 
instruments for an undisclosed 

g iim in mh. 

Sonicaid limited is the lead- 
ing UK supplier of foetal 
monitoring and cardiovascular 
equipment. Turnover for 1888 
was £8 8m, and its asset value 
was £0-9m as at D ece mber 3L. 

Oxford Instruments said 
yesterday that the acquisition 
would complement its existing 
patient monitoring business. 


UK COMPANY NE WS 

IBC profits double 
after two acquisitions 


BY PHILIP COGGAN 

International Business Com- 
munications, ti>e conferences 
and publishing group, yesterday 
announced a 138 per cent jump 
in pre-tax profits and a 60 per 
cent increase in earnings per 
share in the six months to 
June 30. 

Since the first half of last 
year, the company has bought 
Stonehart Publications which 
contributed around £500,000 
during the period and Inter- 
national Insider, which added a 
further £300,000. 

In all, operating profits were 
£L68m (£670,000) and after 


including interest income of 
£255,00 (£134,000), pat-tax 

profits were £1.94m (£804,000). 
After tax of £722400 (£288,000), 
earnings per share were 5 .Ip 




i*s 


Michael Bell, the 
managing director, 
improvement in earnings per 
share showed that organic 
growth was making a solid con- 
tribution. 3BC was termed when 
Oyez IBC reversed into a listed 
Irish engineering company. 
RTD, in November 1985, .The 
businesses of RTD which Oyez 
has retained contributed 
£100,000 in the first half. 


Since the end of June, IBC 
has acquired British Plastics 
end Rubber and Banking Tech- 
nology magazines- Mr Bell said: 

"These periodicals represent a 
substantial increase in our 
advertising-based activity, while 
remaining firmly in the business 
information field.” A number or 
other possible acquisitions are 
under discussion. 

The interim dividend is being 
set at lp (0.75p) and subject to 
good trading conditions the 
board expects to be able to 
increase the final dividend set 
at £25p last year. 


Automagic Holdings boosts 
its profits by 13% at midway 


.Antftmag lr HnWIngg, TJSM- 

quoted heel bar operator, lifted 
taxable profits by 13 per cent 
from £707,000 to £799,000 on 
turnover ahead 27 per cent 
from £7.69m to £9.76m in the 53 
weeks to May 2 1987. Compara- 
tive figures are for the year to 
April 26 1986. 

The directors proposed a final 
dividend of 485p (4p), making 
a total of 6.5p (Qp) for the 
period. Earnings per share 
jumped from &2p to 9.1p. 

They said the results had been 
achieved despite a warehouse 
fire in November and a policy 
change at F. W. Woo! worth. The 


NORTHERN 

IRELAND 


The Financial Times proposes to publish a Sorvey 
on the above on 

Thursday, December 3, 1987 

For a fall editorial s yno pif i and details qf aoaSabla 
advertisement position* please contact: 

BRIAN HERON 
on 061-834 9381 

or write to him afc 

Alexandra Bafidings, Queen Street 
Manchester M2 5LF 
Teles 666813 

FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


latter had resulted In seven con- 
cessions being withdrawn, which 
although not substantial ' were 
nevertheless profitable. 

Its Normand-Sweet subsidiary, 
which was acquired in August 
1987, broke even and the com- 
pany was looking to expand its 
trophy wholesaling business. TO 
this end a number of existing 
Automagjc sites have been 
identified for the inclusion of 
trophy selling. 

Its dry cleaning venture, 
London Valeting, made a small 
less due mainly to start-up costs. 
However, it is envisaged that 
progress would be steady. 

Redf earn Glass 

Shares in Hedfeam National 
Glass gained 22p yesterday to 
518p after it emerged that O&L 
a private company owned in- 
directly by Australian entre- 
preneur Mr DiekFratt, had in- 
creased its holding by 393,000 
shares to a total of 930,000 
shares, 9-3 per cent of the 
equity. 

Redf earn said that OSTs in- 
tentions remained friendly; and 
that no hostile hid was antici- 
pated. OSI acquired mast of the 
new shares as a result of taking 
up its entitlement under the 
open offer accompanying Red- 
feara’s £L9-5m acquisition of 
Bunzl flexpack in June. 


BOARD MEETINGS 


TODAY 

Interims: AbbaycruL Anglo Ameri- 
can Gold Investment, William Bedford. 
Brammar, Bunzl. CRH, Edinburgh Rnan- 
claf Troat. Guardian Royal Exchange. 
Hilledown, H. 4 J- Quick. Ropnor. 
Slough Estataa, Southampton tala of 
Wight a Sooth at England, Royal Mall 
Staam Pack at. Stn-Plin. Son Alliance 
and London Insurance. Wotaa City of 
London Propartiaa. Williams Holdings, 
Wilson (Comolly) 

Finals: Coronation Syndicate Shel- 
don Jones. Twnsfantsin United Col- 
lieries. 

FUTURE DATES 
Interims— 

Acorn Computer — - 

BTR 


Sept 10 
Sept 9 
Sept 28 
Sept 17 
Sept 
Sept 24 
Sept IS 
Sept 

Sept 10 
Sept 3 
Sept 8 
Sept 24 
Sept 8 
Sept B 
Sept 4 
Sept 
Sept 10 
Sept 14 
Sept 28 


AJumuc Sept 9 

Isatron Sept 10 


Bawthorpe ........ 

Brown Boveri Kant . 

Canning (W.) — • 
Central Independent TV -~~ 
Croda International — 

Delaney .. — — — — • 

General Mining Union Corpo- 
ration 

Gl entree .............................. 

Heitair ......... 

Highcroft Inveatment Trust .~ 
La pax Communication! 

Moss Bros. — . 

Save and Prosper Gold , 

Tozor Kamslay ... 

Tyne Tesa TV 

Ward White — 

World of Leather 



Lynton 

Lynton Property & Reversionary PLC 

£60,000,000 

Multiple Option Facility 

arranged by 

N M Rothschild & Sons Limited 


Barclays Bank PLC 
Lloyds Bank Pic 

Den Danske Bank 
Bank of America NT & SA 


Alexanders Discount p.Lc. 

CIC-Union Europ6en n e , InternatiODfll et Cie 
Dahra Europe finance PLC 
PK Kngl ish Thist Company Ltd 
The Sumitomo Bank, limited 


Managers 

National Westminster Bank Group 
NM Rothschild & Sons Limited 

Participants 

AustraliaandNewZealandBankingGTODpIimjted 
TSB Englan d & Wales pic Yorkshire Bank PLC 

Additional Thnder Panel Banks 
Banca Nazkmale del Lavoro Banco de Bilbao, SA. 

Credit Suisse 


DG BANK Deutsche Genossenschaftsbank 
Security Pacific National Bank 
Union Discount Company limited 



Tfendcrl^iiel & Facility Agent 

N M Rothschild & Sons Limited 


Aogaa,$87 


Ting amxxm cea ieat ^ ip ea sBsamaagxofiecocd only 

4k 

Lynton 

Lynton Property & Reversionary PLC 

£60,000,000 

Sterling Commercial Paper Prog ramm e 

arranged by 

NM Rothschild & Sons Limited 

Dealers 

N M Rothschild & Sons Limited 

S.G. Warburg & Co. Ltd. 



ag& Playing 

NMRothscMd&SonsIimited August, B87 


The directors reported that 
the sale of premises at Balfe 
Street was completed after the 
year end a a price of £325,000 
against a book value of £130,000. 
Exceptional credits of £91,000 
(£86,000) arose from profits on 
the sale of property less com- 
pensation to a termer director. 

Trading in the current year 
had started slowly, with the 
first quarter falling below 
budget However, with a 
planned eight new openings the 
directors were cautiously 
optimistic. 

Tax took £280,000 compared 
with £244^X10 last tune. 


MacFarlane 
maintains 
its upward 
trend 

MacFarlane Croup (Chats- 
man), a Glasgow-based holding 
Company with interests in pack- 
aging and printing, increased its 
pre-tax profits from £L91m to 
£2.32m in the six months to 
Jane 30 1987. The interim 
dividend is raised from LI I3p 
to 1 . 252 p net— last year’s total 
was 2.76p from pre-tax profits 
of £4.6 lm. Stated earnings per 
25p share Improved from 383p 
to 4.8p. . 

Group turnover in the open- 
ing was £Sl.74m compared- 
with £26J24m. Tax was higher 
at £812,000 against £693,000. 

Sir Norman MacFarlane, the 
chairman, said divisionalisation 
of the group, completed earlier 
this year, was working success- 
fully, and he was confident that 
the company would continue 
the sequence of increased 
profits. He was convinced the 
future for the-, group : was 
excellent. 

The packaging division — the 
group’s largest — produced 
excellent results with all its 
companies t rading welL . 

Edinburgh Oil 

Reduced pre-tax losses of 
£76,000 were reported fay Edin- 
burgh Oil & Gas for the six 
months to June 30, compared 
with £118,000. 

Turnover for this. . USH- 
quoted oil and gas exploration 
production and investment com- 
pany fell to £147,000 (£200,000). 
There was again no tax and 
loses per share came out at 
0.57p (l.llp). 


NOTICE TO LOMBARD DEPOSITORS 


The following interest rates wiD apply from 2nd Sept 1987 

RtfaHordapoaKottartUadl RaMtordfltXMtonBnaM 1 G row, miulvntunt to n 
I to rocatvo net Interest f 


to nKafcnpoas Manat 


basic rale tax payor 


I 14 PAYS NOTICE" 

When the balance is £5,000 and above 

9-250n | 6*961 » 1 9-535« 

When the balance hi below £5,000 

7-250 £ | 5-456«| 7*473 


% 

PA 


j CHEQUE SAVINGS ACCOUNTS" 


MMmumMdai 

deposit £1,000 


When the balance Is £5£00 and above 


3 


8-250X1 6*208™ 1 8*504™ 

When the balance fe £1,000 up to £4899 

6-250SI 4 703S 16*442 


% 

PA 


interart is credited on each puMfatwd rate change, and not lea than halfvearte 


LOMBARD 

DEPOSIT 

ACCOUNTS 

— - ,C.-.5~*d Ne.i.*' Ze'"3 rlC 


This adv er tisement is issued in compliance with the requirements 
of too Council cri The Stock Exchange 


DOCTUS PLC 

(tncorpoaudin England under the Companies Act l 943 
Bagioanfi No. B54842) 

Issue of 734,891 Warrants to .subscribe for 
Ordinary shares of 5p each 
in the Company at 225p per share 

Application will be made to the Council of The Stock Exchange for 
the above mentioned Warrants to be admitted to the Official List. 
It is expected that dealings will commence on 7th September. 1 987. 

Each Warrant entitten the holders to subscribe on 28th February in 
any year from 1 890 to 1 993 Inclusive, for one Ordinary share of 5p 
at a price of 225p per share. Particular® of the Warrants are 
available m the Extel Statistical Services and copies may be 
obtained during normal business hours on any weekday 
(excluding Saturdays and public holidays) up to and including 
10th September, 1987 from: 

Doctus PLC 
Ingot House, 

Kelvin Close, 

Birchwood Science Park North, 

Warrington WA3 7PB 

Henry Cooke, Lumsden pie 
„ p -9-B° x I 69 City WaH House, 

Chiswell street, 

Manchester M60 3AH London EC1Y4TX 

and until 4th September, 1 887 for collection from 
The Company Announcement Office, 

The Stock Exchange, 

London EC2P 2BT 

2nd September, 1987 


G R A N V ILL L 


SPONSORED SECURITIES 


High Low 


Company 


208 133 Am. Brit. lad. Ordinary 203 — 

206 146 Am. Brit. Ind. CULS 203 


Price Change d?vf( 9 pj 


40 34 Armhage and RhodM 39 

142 87 BBB Oaalgn Group (USM}_. 110xd 


W 108 Bardon Group 

18Z 95 Bray Technologies 

130 CCL Group Ordinary 

99 CCL Group 11 pc Conv. 

138 Carborundum Ordinary 

91 Carborundum 7.5pc Pnt. 

87 George Blair - 

119 Isis Group 


69 Jackson Group 


201 
141 
171 
102 
130 
143 

71 

445 321 Jamas Bunougb 
97 88 James Burro ugh Spc Prsf. _ 

790 500 Midtihattsa MV (AmtlSg) 

550 351 Record fildgway Ordinary 

86 83 Reeord Ridgway 10go FV«|, _ 

91 05 Robart JsnUiu 

124 42 Senttont 

220 141 Torday and Csrfiale 

42 32 Tmvbn Holdings . 

73 Uollock Holding* (SB) 

11B W altar Alaxandar 

ISO W.S. Yaates 


Ifo 

182 

toi 

141 

171 

102 

ISQxd 

120 

77 

446 

37 

640 

550 


+ 1 

+ 1 
+ 1 


+ 1 


+ 2 


131 

221 

198 

ITS 


69 

124*ua 
220 — 

42a us xe— * 
107*d - 1 

221xd — 

195 — 
134 


7^ 

10.0 

4.2 

2.1 

2.7 

4.7 
11.5 

18.7 
6.4 

10.7 

3.7 

3^ 

18.2 

12A 

1 A 
14.1 


3.6 

4.9 
10.8 

1.9 
1.8 
2,8 
4.4 

11.1 

3.1 
10.5 

ZB 

4 A 

4.1 
13.3 


P/E 

1Z4 

fi a 
17.5 

29.1 
14.8 

0.7 

14.8 

3 A 

8£ 

W.l 

21.4 

11.1 


18.4 — 

— . — — 30 


6.6 
08 
28 
5.9 
17 A 
6.5 


3.0 
18 
28 
Z7 
88 

4.1 


W.7 

38 

19.7 

18A 

198 

148 


_ — 98 Wear Yorks. Ind. Heap. (USMI 134 +1 ... 

(SE) and (USM) era duh In subtali to diS 
and ragufatlons of The Stock Exchange. Other saeuriti** TlL? 
dealt in subject to the rules of FIMBM. »«««*«•* I'tted above are 


Granville 6 l Co. limited 
8 Lovat Lute, London EC3K.SBP 
Telephone 01-62 1 1212 

Member of FIMBRA 


GnmvffleDavfca Cokman Limited 
Z7 Lovat Lane, London EC3R 8DT 
Telephone 0I-6Z 1 1212 

^Mentber of the Stock Eadiange 






29 


Financial Times .Wednesday September 2 1987 


UK COMPANY NEWS 


Strong pulp prices boost 


sr steven butusi 

STRONG pulp, prices helped lift 
interim : pretax profits at 
Eocalyptiis:/ -Paper. Mills . to 
£5 .Sin in the six months to end 
of Jane, up from £2m last year. 

Turnover rose from £14£m 
to £l&6m, while pulp ■ volume ■ 
rose from 61,000 tonnes to 
63,000 tonnes. Earnings . per 
share tose from ?.5fi to 21^p,' 
and the interim dividend was 
lifted from fL6p to 2p. with 
1986 figures restated to reflect 
a five-for-one capital issue. 

The strong performance re- 
flected' the firmness of pulp, 
prices . throughout the period, 
and there were no signs of any 
softening. The company’s cost 
of sales also fell, however, from 
£10.201 to JE9m, reflecting 
savings in energy arid other 
production costs. 

The company's principal asset 
is a 76 per cent stake in Com- 
panhia de Celulose do rj»im», 
listed cm the Lisbon stock 
exchange, which owns and 
man a ge s eucalyptus forests and 
pulp mills in. Portugal. 

The company's cash position 
improved strongly foil owing a 
partial divestment of -what was 
a 934 per cent stake in Cairn a. 


then followed by a £27m rights 
issue -..at Caima. Eucalyptus 
realised .426.7m .from the 
dhrestment, a premium over 
book value of £26£m* and then 
took. up. its entitlements to 
Calms shares for £20.9m. 

- The balance of £5.8m Is held 
cm bank deposits, 'and Mr Paul 
HydeThonason, chairman, said 
the company was at a pre- 
liminary stage of considering 
possibilities of investment out- 
side of Portugal. 

At Caima.- buoyant conditions 
on the Lisbon stock exchange 
allowed the company to lift the 
Tights issue price, resulting in 
a current cash balance at Caima 
of over £35m, compared to a 
company . forecast of £15m 
earlier in the year. 

“ The board has considered 
the. philosophy behind diversifi- 
cation,” said Mr Hyde-Thomson, 
which would involve Investment 
in a different processing indus- 
try in Portugal aimed at foreign 
markets. 

“ The whole point is not to 
be exposed to the same cyclical 
fluctuations (as the pulp indus- 
try),” he said. 

The company would aim to 


take a controlling interest in 
a Portuguese company, and said 
that several possible acquisi- 
tions were currently under 
investigation. 

• comment 

Eucalyptfus Paper Mills is j 
comfortably riding astride the 
upswing in file pulp and paper 
cycle. Fluctuations in pulp 
prices have always been the 
principal determinant of the 
company's performance and 
have for some months been 
fairly stablebut if the past is 
any guide this, and therefore 
EPM’s growth rate, is not sus- 
tainable. This time, however, 
Eucalyptus has taken advantage 
of its current strong perform- 
ance and the high expectations 
about the Portuguese economy, 
to raise a substantial pile of 
cash in Lisbon. If it success- 
fully uses that money to- insu- 
late itself fro znups and downs 
in the pulp market, the shares 
would look a much sounder in- 
vestment Yet with a prospec- 
tive p/e of 17, based on pre- 
tax forecasts of £10m for the 
whole year, a good deal of an- 
ticipation would appear already 
included in the price. 


Executex up 58% at mid term 


Execute* Clothes has pro- 
duced a 58 per cent increase 
from £196400 to £309,400 in 
pre-tax profits for the. first six 
months of 1987 a gainst an 
18 per cent - rise in turnover. 
The current profit figure is 
before taking US losses of 
£97.800 (nil. but £30,000 for the 
second half of 1986). 

Mr JobnXuper, chairman and 
Joint managing director, said 


that the US subsidiary is fore- 
cast. to make a fair profit In the 
second half of the year. The 
group continued to examine all 
avenues of expansion, both by 
merger, and acquisition but had 
currently not found anything 
that would be of advantage. The 
board was therefore nreparing 
to move forward by establishing 
a new company from <at»»ring 
management 


UK trading profits for the 
period were up from £351,700 
to £469300; depreciation 
amounted to £121300 (£120400) 
and interest to £39300 
(£35300). Tax charged was 
£107,700 (£70,000) and minority 
interests were £39,100 (nil). 

Tgarraingfa per share are 5.59p 
(4L94p adjusted) for the interim 
dividend of L5p per 20p share , 
(135p adjusted). I 



Bardsey 
back in the 
black with 
£332,000 

By Philip Coggm 
Bardsey, the hand tool distri- 
butor and measuring tool 
manufacturer, yesterday 
announced a return to the 
black in its interim results. 
The company revealed pre-tax 
profits for the six months to 
June 30 of £332,000, compared 
with a low of £129,000 in the 
same period last year. 

The group has undergone 
substantial changes since a 
capital reconstruction in 1985. 
Loss-making subsidiaries have 
been sold off with the process 
being- completed with July's 
disposal of Leylux, which lost 
£90,000 in the first half. The 
group now has two main busi- 
nesses, Rabone Ghesterman 
and RCF Tools. The former 
increased sales after a pro- 
duct relaunch this year. 

Proceeds from the sale of 
Leylux and a vacant factory 
site helped reduce the gear- 
ing level, which is now down 
to 50 per cent from 69 per 
cent at the end of 1986. But 
the sales also resulted in 
extraordinary costs of 
£138,000. 

Bardsey now hopes to make 
acquisitions. On the tool 
manufacturing side, the group 
Is looking for add-on- pro- 
ducts which can be produced 
in its factories while in dis- 
tribution, It is seeking pro* 
duets that can be sent through 
its system to its existing client 
base. 

No interim dividend is 
being paid but consideration 
will be given to the payment 
of a final dividend in the 
light of the full year’s 
results. Eiiming « per share 
were l-3p (O.Tp loss). 


Pickwick on line 
to meet £2.6m 


EOF® 


One of the high flyers this 
year, Pickwick Group, one of 
the UK’s largest operators in 
the field of bargain records, 
video cassettes and children’s 
story tapes, yesterday an- 
nounced pre-tax profits almost 
doubled from £306,000 to 
£592,000 in the six months to 
end June 30. 

The May offer was a resoun- 
ding success with the offer 50 
times subscribed and a premium 
of 63p seen on the 125p offer 
price at the end of the first 
day’s dealings. The shares 
closed last night at 208p, up 5p. 

Mr Monty Lewis, chairman, 
said that continued progress 
over the seasonally more impor- 
tant second half, coupled with 
the quality of new product 
scheduled for release in the 
coining months, would leave the 
group well on line to achieve 
the profit forecast (£2.6m pre- 
tax) published in the recent 


prospectus. 

The group had performed 
well In all its areas of opera- 
tions; in video cassettes it now 
has 513 per cent of the distri- 
butors’ share of the market 
which augure well for the 
Christmas period when pre- 
recorded videos were us ually in 
substantial demand. 

Since June 30, the group had 
successfully concluded negoti- 
ations for the distribution of 
classical compact discs in Japan 
which supplements the com- 
pany’s existing distribution 
arrangements in North 
America, Europe and Aus- 
tralasia, 

Turnover for the first half 
rose 79 per cent to £l0.52m 
(£5 38m); tax amounted to 
£210,000 (£109,000) leaving net 
profits of £382,000 (£197,000) 
for stated earnings per 25p 
share of 1.74p (0.9p). 

The interim dividend is 03p. 


Electricite de France 
U.S. $300,000,000 
Floating Rate Notes due 1997 
with Warrants permitting exchange of Notes for 
ECU-denominated 9%% Bonds due 1995 
Notes and Bonds unconditionally guaranteed by 

The Republic of France 

For the period 31st March, 1987 to 30th September, 1987 the 
interest amount will be U.S. $360.60 per U.S. $10,000 Note, 
payable on 30th September, 1987. 

□ BankersTrust 

Company, London Agent Bank 


Agent Bank 



Powerline setback caused 
by problems in Newstech 


International Bank for Reconstruction 
and Development 
U.S. $250,000,000 

U.S. Dollar Floating Rate 

Notes due February 1994 

For the interest period 28th August, 1987 do 30th November, 1967 
the Notes will cany an interest rate of 6.57% per annum with a 
coupon amount of U.S. $171.55 per U.S. $10,000 Note, payable on 
30th November, 1987. 


□ BankersTrust 
Company, London 


Agent Bank 


Problems as its Newstech 
Communications subsidiary has 
caused a setback in Powerline 
International’s pre-tax profits 
for the six months to June 30. 
Despite an improvement of 
17 per cent from £4.84m to 
I £5.68m In turnover, profits 
I declined from £649,000 to 
£601,000 in tile period. 

Mr Derrick Taylor, chairman, 

| said that the core power supply 
business increased turnover by 
24 per cent and profits by 15 
per cent compared with the 
same period last year. This was 
despite the unexpected delay 
of production on some large 
contracts until the end of this 
year. Investment in engineer- 
ing and design had been 
increased and this would bring 
increased profits and turnover 


next year. 

Newstech, the technical 
advertising and public relations 
subsidiary, had suffered from 
a general decline in the elec- 1 
Ironies advertising market and , 
from management problems. In 1 
order to restore its record of 
growth, several changes had 
been implemented, including 
the appointment of a new man- 
aging director. 

Trading profits for the half i 
year increased slightly from 
£567,000 to £578.000 but net I 
interest received was down from i 
£82,000 to £23,000. Tax Charged 
was £210,000 (£238.000) leaving 
earnings per share unchanged 
at S3p. 

This USM-quoted company is 
declaring an unchanged interim 
of lp per 5p share. 



Credit Commercial de France 
U.S. $250,000,000 
Floating Rate Notes due 1997 
For the interest period 31st Match, 1987 to 30th 
September, 1987 die amount payable per U.S. $10,000 
Note will be U. S. $360. 80. The relevant interest payment 
date will be 30th September, 1987. 

Listed bn die Luxembourg Srock Exchange by 

□ BankersTrast 

Company, London Agent Bank 


J D Anderson & Co Inc 

(H^ta«Jon number 72f Kttliffit)" " 
(Mw*womMJatann0*u!g SMcNariM 


SIMPSON McKIE Inc 

tfatAkxfcm nntar8M)T73eSl) 
(ManbaralTha Jobmaficsg Stock Exchange) 


Volkskas Merchant Bank Limited 


(Reg. No. 68 00380 OS's 

■■ \m\\ y 

Registered Bank 1 



COMPANY NEWS 


STAR COMPUTER Group has 
acquired 51 per cent of Pinnacle 
Computer Systems for an initial 
£40,000. A further maximum 
£150,000 is payable dependent 
on Pinnacle’s profits over the 
period ending June 1990. 

NEWMAN TONES GROUP has 
paid DM 5.45m (£134m) for 
Wehag Leichtmetall, producer 
of one of West Germany’s lead- 
ing brands of architectural 


hardware for the specification 
and high quality residential 
markets. Wehag’s sales are 
currently running at an annual 
rate of more than DM 15m 
(£5m). 

BARINGS (merchant bankers): 
The interim statement said the 
unaudited group profit for the 
six months ended June 30 was 
si gnifican tly higher than for the 
corresponding period of 1986. 


Public Works Loan Board rates 


Effective August 26~ * 

Quota (mot repaid Non-quota loan A* repaid 

at at 


Yarns by EUPf 

A* 

maturity* — 

■by BPf 

A* 

maturity! 


% 

% 

*-■ 

-% 

% 

% 

Over 1, up to 2 ...... 

lot 

i ot 

10* 

HI 

lit 

11* 

Over 2, up to 3 

m 

10* 

10* 

Ilf 

lit 

11* 

Over 3, up to 4 

m 

io+ 

10* 

u* 

11+ 

11* 

Over 4, up to 5 

10 * 

10* 

10 * 

11* 

U* 

Hi 

Over 5, up to 6 

10 * 

10+ 

10* 

11 

11 

11 

Over 6, up to 7 

10* 

10+ 

lot 

11 

11 

11* 

Over 7, up to 8 

m 

10+ 

10* 

11 

11 

11 

Over 8, up to 9 

10* 

10+ 

10* 

11 

11 

11 

Over 9, up to 16 

10* 

10* 

10* 

11 

11 

11 

Over 10, up to 15 ... 

10 * 

io* 

10* 

11 

11 

10* 

Over 15, up to 25 ... 

10* 

10* 

m 

10* 

10* 

lot 

©ver 25 

10* 

10* 

10* 

10* 

lot 

lot 

•Non-quota loans 

B are 

1 per cent higher in each case than 


non-quota loans A. t Equal lm 
by half-yearly annuity (fixed et 
principal and interest) . 5 With 

t Amended. 


otents of prindpaL i Repayment 
half-yearly payments to include 
-yearly payments of interest only. 


As in the first half of 1986, 
each of the main parts of the 
group experienced favourable 
operating conditions and pro- 
duced higher profits. 

GRANADA GROUP has ac- 
quired Dublin-based Budget 
Travel Group for an initial 
I£2£8m (£2.6m) to be satisfied 
as to I£5 00,000 cash with the 
balance in shares. Deferred 
consideration of up to a maxi- 
mum If 1.5m is payable de- 
pendent of Budget Travel's pro- 
fits performance. 

KENTON SECURITIES is pro- 
posing a one-for-one scrip issue 
to maintain a balance between 
issued share capital and share- 
holders’ funds following the 
recent placing and open offer 
of 1.05m new ordinary shares. 

BARINGS (merchant bankers): 
the interim statement said the 
unaudited group profit for the 
six months ended June 30 was 
significantly higher than for the 
corresponding period of 1986. 
As in the first half of 1986, each 
of the main parts of the group 
experienced favourable operat- 
ing conditions and produced 
higher profits. 



SINCE 1848 

EAST RIVER SAVINGS BANK 

East River Savings Bank 

U.S. $100,000,000 Collateralized 
Floating Rate Notes due August 1993 

For the three months 28th August, 1987 to 30th November, 
1987 the Notes will carry an interest rate of 7.05% per annum 
with an interest amount of U.S. $1,840.83 per U.S. $100,000 
Note, payable on 30th November, 1987. 


BankersTrust: 
Company, London 


Agent Bank 


Central International Limited 
U.S. $150,000,000 
Floating Rate Notes due 2006 

For the three months 28th August, 1987 to 30th November, 
1987 the Notes will carry an interest rate of lVv>% per annum 
with an interest amount of U.S. $184.41 per U.S. $10,000 
Note and U.S. $1,844.10 per U.S. $100,000 Note payable on 
30th November, 1987. 


BankersTrust 
Company, London 


Agent Bank 


This announcement appear as a matter oi record only. These Securities have not been registered under 
the United States Securities Act of 1933 and may not be offered, sold or delivered tn the 
United States or to United States persons as part of the distribution. 


Morgan 


The Morgan Crucible Company pic 

U.S. $25,000,000 3%% Notes due 1992 with 25,000 
Refundable Depositary Warrants to subscribe for Ordinary 
Shares in The Morgan Crucible Company pic 


This announcement appear* as a matter of record only. Those Securities haw not bean registered under 
the United States Securities Act of 1933 and may not be offered, sold or defivered in the 
United States or to United States persons as part of the distribution. 



Goldman Sachs International Gap . 


Barclays da ZoOte Wedd Limited 
Morgan Grenfell & Co. Limited 


Cazenove & Co. 


Sai^olmernational Limited 


Morgan Stanley International 


swiss Bank Corporation International Limited 


August, wet? 


Wates City of London Properties pic 

£30,000,000 6%% Bonds due 1994 with 30,000 
Redeemable Warrants to subscribe Ordinary Shares 
in Wates City of London Properties pic 


Goldman Sachs International Corp. 


Cazenove & Co. 


Kleinwort Benson Limited 


Morgan Stanley International 


Men 1987 


Morgan Grenfell & Co. Limited 


S. G. Warburg Securities 


First inte rs t at e Capital Markets Limited 


N. M. Rothschild & Sons Limited 









30 


Financial Times Wednesday September 2 1987 


COMMODITIES AND AGRICULTURE 


\U‘- 


smelter 

dispute 

settled 


Swine fever outbreak 
confirmed in Hampshire 


LONDON 

MARKETS 


INDICES 

REUTERS 


BY BRIDGET BLOOM 


PRODUCTION AT Comlneo’fi 
huge lead/zinc smelter at 
Trail, British Columbia, was 
resuming yesterday following 
the ratification by workers of 
a new three-year labour 
contract. 

The agreement, which 
brings to an end a lfi-week 
strike, includes provision for 
office and technical staff to 
move to a 40-hour working 
week in the contract's third 
year in return for a 2 per 
cent pay rise and an extra 
week of holiday. 

A company official said that 
plant was expected to be 
operating at full capacity of 
272,000 tonnes per year of 
xinc and 136,000 of lead in 
“ about a week.*’ 


AN OUTBREAK of classical swine feyer last year. Until measures agreed then, which 
swine fever has been confirmed then, there had been no out- was desired to lead to the mb* 
in a herd of pigs near Basing- break of the disease since 1071. plete eradication of swine fever 
stoke in Hampshire, the British Hie source of the outbreak within the EC, only come Into 


Ministry of Agriculture announ- is not known, although in 1986, force on January 1, IB®. 


ced yesterday. 


ultimately Mr Naish said yesterday- he 




traced to imports of partly- believed that the current out 

•a ■ « i. 


outdoor pig near South Yesterday Mr David Naish, had the new restrictions been 
Warn trough. The a^cted pigs, deput y president of the in force. Be trusted that the 
believed to number about 2,000 National Farmers’ Union, said occurrence of the disease would 
*5® , , bemg . . he had written to Mr John Mac- be contained but urged produ- 


bieak might have been avoided 


Mm stry said, as are a much G re g 0I - the Minister of Agricul- cers to take the utmost care, 
o^thef arm’s stockmel? *° 006 ? ure ’ u ^ ge Any spread of the disease could 


WEEKLY METALS 


All prices as supplied hy another isolated occurrence of 
Metal Bulletin (last week's 


or tne rarm s siocxmeu. introduction of new EC restric- seriously affect a promising 

The Ministry has imposed a tions on the movement of export trade in breeding stock 
complete ban on all pig move- potentially affected pigmeal to Japan and the US, as wen as 
merits within a three kilometre between EC member states. intraUomnmnity and domestic 
radius of the affected farm and Community Agriculture Min- trade, Mr Naish said, 
has imposed stringent restric- isters agreed earner this fp _ pr js _ ne 

tions on movements in a ten summer to toughen restrictions —SSTffriou^diseases affectina 
kilometre radius involving parts on cross-border trade in fresh conSSl 

of Hampshire and of south- and partly-cured pigmeat from ^ which it is wgnet 

west Surrey. areas that have been affected 

The outbreak is the first since by swine fever. . animal s aigestive system, 

another isolated occurrence of However, the package of There is no known cure. 


prices in brackets). 

ANTIMONY; European free , _ 

market 99.6 per cent. $ per |%|f|l"TO<lV O' 
tonne, in warehouse 2,280-2,330 J- ’ Vff Jl. V Y il T w 
(2.290-2.350). v 

BISMUTH: European free / • j • *■ ■ 

market, min 99.99 per cent, $ 1 1Y1CF II 

per lb, tonne lots in warehouse TV HlilUal JLI 
4.404.60 (same). 

CADMIUM: European free by KAREN FOSSU (N OSLO 
market, min 99.95 per cent, S 

per lb. in warehouse, ingots SAGA PETROLEUM, Norway s 


Norway considers North Sea 
‘waiting list’ system 


ALUMINIUM prices fell 
heavily on the London Metal 
Exchange yesterday after as 
early rally ran out of steam. 
The main trigger for the 
downturn was as exception- 
ally large rise in stocks of 
high grade metal and this 
was reflected in a muc h 
Sharper fall in the cash 
quotation for that grade. But 
although standard grade 
stocks fell slightly prices for 
that grade also came under 
pressure 1 . The big rise in high 
grade stocks was reported to 
result from an influx of 
metal from Scandinavian pro- 
ducers, possibly in the belief 
that the market was dose to 
topping out. The expiry of the 
labour contract at Alcan's 
Quebec smelter produced 
little market reaction and 
some traders thought a blood- 
less settlement of labour 
negotiations there could be 
taken as the signal for a. size- 
able sell-off. A sharpish fall 
in sine prices was put down 
to the coding at the weekend 
of the 16 - week old strike at 
Cominco's Kimberley/ Trail 
facilities in British CQhnhhfaL 
Meanwhile cocoa prices slid 
to 10-week lows as the reas- 
sertion of bearish supply/ 
demand factors overcame the 
recent Improvement in senti- 
ment. Dealers were also re- 
ported to have become waxy 
ef expecting too much of the 
forthcoming talks on reacti- 
vating the International 
Cocoa Organisation’s buffer 
stock support system. 

LME prices supplied by 
Amalgamated Metal Trading. 


aeez.s pggaA} ragtn irag L? 

(Bout September 18 1931-MO) 

DOW JONES 


Dow I AubT ; Aim. , *ffth i Year 
J pmsl 31 | 89 1 ago ago 


Spot a 87.57 127.55 — 118.61 
Pot 1180.40 180.30. — 1101.15 


TBsssTDBcambtt 31 1831-100)" 


MAIN PRICE CHANGES 


Sept. 1 + or Btontb 
1087 — ago 



Coconut (Phil) 134dOu ‘ 
Palm Malayan »aasy 


Copra IPhlO 
Soyabean ru. 8.) 


! — Z' no2 


GRAINS 

Barley Fut Now^ClOO.ibPiwMO.Bo’ I 
Metro ItiH'nn I . (£159,00 

Wheat Pot. Hcv.ifilOS.eO j-oia[£ioi^a 

Ho. 2 Hard Wirt.! t l [. t 1 

OTHERS I 


per lb in warehouse ingots SAGA PETROLEUM, Norway’s Last month Saga arranged a The planned development of LME prices 
2,10-2 17 (2 08-2.14), sticks 2.10- fledgling private oil company, $lbn unsecured loan through new Norwegian field — the Am a l ga m a t ed a 

2J.7 (2. OS-2.14) has submitted plans to the Nor- international banks to replace Halten Bank, which lies north A . . ruiiuiilM 

CO BAL T: European free mar- wegian Government for the de- an existing loan agreed in 1985 of hitherto developed North Sea AL-UmlMlwm 

ket, 99.5 per cent, S per lb, in velopment of its 750m-barrel but tied to specific projects, fields — i« also threatened by rjrrr 

warehouse 6.45-6.70 (6.404.65). Snorre oilfield at a cost of be- Last year Saga suffered acute the Government's potential j pSt*. 

MERCURY: European free twen NKr 28 bn and NKr Slbs liquidity problems, but its queue system. Shell and s par to 

market, min 99.99 per cent. $ (£2.6bn-£2£6bn). standing has improved as a Conoco, two foreign operators , 

per flask, in warehouse, £?3- The development of the field result of the rise in oil prices in Norway, are currently seek- cssh icio-s . 

285 (275-280). will be a milestone for the com- this year. ing approval for their fields in a month*! icoo-a \ • 

MOLYBDENUM; European P any. 


Unofficial +or [ Hfgh/Low 
(rhw pjn.) — I 
5 par toon* 



US MARKETS 

COMMISSION MOUSE sdUnf 
In crude oil futures eased 
prices despite trade support, 
reports Drexel Burnham Uffl- 
hot, Local selling 0 * .foe 
October / November swndt 
was noted. In the products 
commission house selling was 
evident is the face of scute- 
down buying by the locals 
Gold firmed on trade and 
local buying, platinum fell on 
local selling and silver ®fged 
on fund selling and mixed 
profit-taking, Copper traded 
qutety, the only feature being 
switch activity between 
September and Dece mber . 
Sugar rallied -on trade buying 
in fi ght volume, coffee eased 
as local liquidated longs wUOe 
in cocoa feaiS that tile ICCO 
meeting may break up 
prompted commission house 
and speculative selling, touch* 
ing off stops, to ease prices 
despite trade and manufac- 
turer scale-down baying. 
Cotton rallied on commission 
house baying despite trade 
selling. Orange juice finned In 
light volume In local- 
dominated activity. Cattle con- 
tinued to refleet high rates of 
slaughterings, easing in the 
nears, but firming in for- 
wards on expectations of 
future tight supplies. Pork 
bellies fell In response to 
lower cash prices, while local 
short-covering steadied hogs. 
The grains and the soyabean 
complex were quiet. Maize 
eased as prices felL 

Soyabean meal finned due to 
a slowdown ef export activity 
In Brazil, a factor which 
helped to steady soyabean 
futures. 


HEATING OIL 4&0W S3 pM, " 
canf/US aaltota 

LaWat Pn * Wjh Las 

Out S2J* 62M *1.71 

Nov Bl» gJH *L30 

Doc 63.65 63.71 63,70 E3J5 

Jan MJS 6448 6*3* BUS) 

M> 54to 64.76 »■» BUS 

pfefa 63.60 «*> SUM BU40 

April &» 92.70 5* 

Kay 51 JO 6110 fl.70 61.10 

Jut4 SOTO SI-60 50 JS 80J8 




ORANGE JUICE IBJttO 8*. wnWh 


Ctora Pw Hint* tew 
Sept 132J0 130-40 mOO 130.76 

Nov M8J6 127-SS W9JS 126J5 

J»n 128.40 1Z7J0 130.60 127^0 

Monh 129.00 127« 129A0 127.76 

Mw 129 J5 128.10 mg 126.50 

S^t VaJGt 128-35 129-40 USJQ 


P LATINUM 50 troy pg, S/trey oz , 

Chao Pr*v . HhJh • Low 
Oct 6993 697i «NU) SRLS 

Jan 607.5 604,5 611.0 Ogj 

April 015.1 812.1 «1« «£J0 

July 822.7 519.8 51*0 OHJ) 

Oct 5303 6Z73 — 

siivai 5,000 trta> S puta/WBy 

Ctose Prov Hlph 1 m 
Sept 732-7 738X 761-0 7220 

Oct 7373 7g^ - 

Deo 747.11 753.0 788-0 777.0 

Jen 761^ 7S7.S — 

March 7WJ T«.2 JM Ml 

May 772.0 778 fi 787.0 7664) 

July 783.0 7&X 70 W» 780* 

Sept 78&2 801.1 814.0 7KL0 


7»4-0 780.0 

814.0 mo 


SUGAR WORLD "II** 

IttgOO tt», centa/lb ; 

Close Prev High Low 
Oot 6J» 6.63 531 646 

Jan 6.16 BUS — — 

March 6.68 6.66 OXB 8 J 6 

May 6. BO 6.78 S.BO 8.79 

July 7.07 6^4 7 M 8X6 

Dot 7JS 7.15 7J5 7.15 

Jen 7^43 7.33 — ’ — 

Jon 7.33 736 — • — 


CHICAGO 


LIVE CATTLE 40300 lb. canta/Q) 


High Lm 
68-27 BUS 


67.60 ' K.a» 
68.05 67.10 


69.10 68 JB 

68.76 67 SO 


Mr Jan Wennesland, vice that area. 


lag approval tor their fields in I s mo 


1610-8 —162.6 
10006 p22J5 


9 Unquoted, t Per 79- lb flask, e Conn sop, 

• a pound. ^Cotton outtosfc. » Oct. ocP 

’ X Aug-Sept, wOcMfar- u Sept-OcL mqv 

1710 ’■ 7 Wo¥ - Deo 


NEW YORK 

ALUMINIUM 40000 I b, conta fib 
dose Sw iSiT 


— 67.35 66.80 

65.90 earn cm 


cfo ifrvfl (iro). Cech • SILVER 


free market, drummed molvbdic brought a Norwegian field into president said that the develop- Knrwav tied itmlf tn thn (i.74o«), three months ijwo-to . 

oxide. $ per lb Mo, in ware- production. ment could be viable with oil 1 “4 ••uismsr^ i^eo O.tbo). snvtr mu fixed 9.7Sp an a ounce cocoa io totmee. s/tomea 

bouse 2.8M.05 (sam o). Saga's plans com, at a time prices as low as *15 per baneL ’■*** ^ o~ " ^ « 


dose Piw Hhlh tow 

75,50 TBM — — 

74. 1» 77-50 — — 

71 left 7BM ww ■— w OqC 

^.50 7650 76& 7ZSO ^ 

72J30 75.00 — — April 

70.60 73.50 — — Arne 

S:S ^ 


LIVE HOGS 30JWO ft*. cent»/1b 
Close Prw MstT 
Oot 51.10 GDJ7 6146 

Dee 4».17 48.70 «.» 

46^6 48.57 47.25 

43,77 43.15 43^6 

44 JO 44.70 45.15 


«.E5 48.75 

47J5 46.70 


Oiue -s.ajs-a.iro v saint 1 j . b uumo uuuie « umc » iu» » pet uaira. -A— i nn t, iil. ___v 1 ■ 

SELENIUM: European free when. Norwegian authorities At a price of 222 per barrel, f^ t Si I ^ Irt ^iSng ^fl g priS * v-- - 


market, min 99.5 per cent, $ per say that too many oilfield de- however, the field could earn ata striileW^Derbarrel leweL 
lb in warehouse, 5.50-5.90 velopment plans have been pre- NKr ISSm during its field life 

(same) J J .I .I .L. <mm* »* *. Norway unpiementea < per 


ID n warehouse, 5.50-5.90 veluiiuient ua»c Peru j«e- «iu Mduu UU 1 U 1 S 1 U J 1 C 1 U me v.—,, imnlimwnhul , 7 C __ ~ ' 

(same). pared, and that the Norwegian until the year 2014. It is cenToro Stioncute Jii er ^ ■ DWV „ 

TUNGSTEN QBE: European economy could become over- scheduled to come into produo- 
free market, standard heated if they were aU tion in 1992. SSeffmSrtoe if oJefiSE — 

65 per cent $ per tonne unit approved. Another Norwegian North thX 2. 0, ' ms 

W O. cif. 42-57 (same). The authorities believe it Sea field, the Oseherg North ? ipport 011 pnces ^ . 


free market standard min heated if they were all tion in 1992. tiimedat smv time If OnecfaU* 

65 per cent $ per tonne unit approved. Another Norwegian North ^ £*2 nS. 

W 0. cif. 42-57 (same). The authorities believe it Sea field, the Oseherg North iILj? 1 ® 110 ** 011 pnces at: 

VANADIUM : European free might be necessary to create a development operated by Norsk icyeu 
market min 98 per cent V O. waiting list for developments. Hydro, may also be postponed Yesterday, Ur Arne Oeien, 

other sources, g per lb V O, cif In that case Saga’s Snorre field should the queue system be Norway's Oil and Energy 


bs ! 


nag 

096/960 


nucu aLjwjr official cloimg (am): Caah 101441 

support Oil prices at this njM8-7). throa month* 994-5-S (1.000- 
VeL 1). aattlamani 1J3I6 (1JH7). Final Kaib 

. . . ' ■ ' _ data: 962-3. Rlnfl Turn aw. 38J75 

Yesterday, Ur Arne Oeien, tsnnaa. 


bullion markst yaourdoy at 455.1p. US 

oant aqirtvaCanti of tha fixing lavals »P« 
warm: Spot 745c. down 9.7c: throe- 080 
month 758 ^c, down 9.85c: i lx -month M>rcb 
771.75c. down 1006c: and 12-mona May 
801.5c, down 9.96c. Th* metal opened -™v 
at eS4S l d) (744- 746c J and clo sad at tot 
446V447*p (73Z-734C). P* 


MAIZE 6J»0 bu min, centm/BSb boahal 

’ Out Pro* High Low 

Sept 166.6 159.0 158.8 166.4 

Low Dm 165.2 166.4 166.4 165.0 

1636 March 17S.2 175.4 176.2 775.0 

1891 May 180.6 161^ 181.4 VM 

1948 July 182.6 183.6 184-4 T 8 Z .6 

1970 Sept 181.2 1B2J2 183.0 1812 

2020 Dec 186J1 187.0 1874 8L0 


SILVER BuUtan rt-ori (_N.E. kf-or 
par J fixing | — r p.m. I — 
troy oz price (uooni Cl[ 


2.62-2 JO (same). and at least three other planned implemented. The company Minister, said that decisions on COPPER 

URANIUM: Nuexco exchange field developments in Nor- came under heavy pressure the queue system for oil field — 
value. $ per lb U O, 16.75 wegian waters could be in from the Government over its developments and Saga’s Snorre . [°" 

(16.90). danger of postponement. development plans. project could be made this year. ! £ 


(16.90). 


project could be made this year. 


Grada A 


Inofficial + ot 
doaa — 

B par toflna 


Spat 1455.1 Op -8.78 799o U-B 

8 month*. 466. To p - 10,1 748c 1-9 
6 month*. 47B.60p - 10.8 — | — 

IS <nantiinfiQ2.65p f— TIJffi — . | — 


May 1975 2B32 2010 1970 Sept 181.2 8U 183.0 

July 1999 3090 2034 2020 Doc 186^ 187.0 VIA 

Snot 2015 2089 2026 2CW - 

Doc 2060 2080 2065 2066 PORK BELLIES 38,000 lb, canto/lb 

COFFEE *'C" 37.500 lb*, oanta/Hw Qaaa ftwv H* 8 ** 

■— i ■ - a iiUih inw Tab 61.97 62,65 63.15 

- . «?!• „rSn tow* 61X2 61X0 62XS 

5«pt 114X0 115X3 IImB 11».W u— , m« mm miui 

DM 117.73 116J2 118.75 117.70 **** 

Man* 120.64 121A6 121A0 120.60 S'S 

May 122J8 122-80 123^5 122J0 Juty 8647 6577 6647 

Ito-to IN* ~ rr SoraBEAME s.om fau min. canta 


WgbiLow Throe months final karb: 742-4c. 


Soviet crop news good for Gorbachev 


1 Oash 
3 months 


I 1047-0 |-4j 18W184S 
llOSBJM i-2.75} TMDUJ27 


IME —Turnover: KH (nil) lota of 

1(1000 ouncaa. 


Official dosing (am): .Cash 1,057.5- 
8£ (1,060-60.6), Ihrae month* 1 .0*1-5- 


COFFEE . ‘ K 

. Robuatas contintted to rally fur- Jen 


SEt 1&50 TSS 126,00 U 4 .W t ™**** 5 to mlu, C»nt^ 60 lb 

Deo - 126.13 121.60 — — P UsbB, .,__ ■■■-. 

BBS =TaS 5 S C ~ — doom ftw High Low 

COPPER 39JOO lb. centa/lb Sept 608 J) 507.6 6094) 607 Jt 

“ “ don rm High Nov 504^ S04J 588.0 603.0 

Sept 77.16 TIM 77M 76-75 Jan SlIJ | 1 M 812.0 WRO 

Oct 7635 7835 — — March . 5103 5164 G18JI 616.4 

Mow 78.66 75.70 - - Mn M23 K»3 815.4 

Doc 74.85 75.10 7530 74.80 July 524.0 6223 5254) 5224) 


2.5 (1.042 5-3). aettlBnant 1.0SB3 tbar sbort-csvsrinff and pricaJbdag I M ath 


(1JWL5). Rb«I Kerb close: 1,030-1 


BY PATRICK COCKBURN IN MOSCOW 


SOVIET GRAIN output is likely better incentives for factory stripped its* grain production, 
to top the 200m tonnes mark workers to Increase produc- The Soviet grain requirema 
for the second year in succes- tivity. is estimated at about 220 


slowly pushed lavals some 06 above I May 
Friday's dote, reports Draxol . Burnham J July 


74.95 75.10 7540 70.80 July KO.O «24 525-0 I 

7530 7430 — — Sapt 8154 W54 — 

n.iO 7130 7340 73410 -- 

72.S 72.70 72.70 72-70 BOTABEAW MEAL 100 tono. tfvm 


stripped its* grain production. in the shops. Soviet scientists f I I . 

The Soviet grain requirement estimate that Muscorites con- ohms' daring (am): cash 1 . 0573 - 
is estimated at about 220m sume 10 times less fnnt and 83 (i rao- 2 ). thnw ; months 1 . 0 * 1 -2 


standard J Lambart. Trade saIRng was oaelly 8 op» »-10 . . • - . . — Swp* . T 6 fc» 1602 1583 

Cash j 1047 0 -4.0 1 aboorbad as cammiaalon bouses bought Dec 72416 7236 7130 7130 Oct 1563 1554 1573 1553 

5 montta I 205&6 —ajv T6*3/l«7 frer tha opening. Jobber profii-ia*l/T 0 - - m riiHw " rnirym Hr. ~ Deo 1543 1533 1563 - W3.5 

» 1 ' by mld-Bftamnoq took (ovals down to ■ ■ w Z. ts~t ; — Jail 15*4 1533 1563 1633 

mM.i rj n ^ea f.mi- Caah ' i M73. 00 °* Ugha. . - . Chma nw . HtOb tow , 154.1 1G3.1 155.0 152.5 

'* m )' Ca “ - Oct 7743 77.19 77.50 ' 78.90 u,. ir*.* irso wi -ion 


.0 losorWi 
75l 1643/10Z7 


sion, according to both Soviet Soviet reports speak of good tonnes a year (depending on the vegetables than ia necessary for I (1338-43), jam* ment 13383 (i, 062 ). 


specialists and Western diplo- crops in the chief grain growing output of other fodder crops) good health. 


mats in Moscow. 


areas of the Ukraine, North but in 1981 the harvest dipped Mr Gorbachev needs greater 


They attribute the good bar- Caucasus, Kazakhstan and Cen- as low as 158m tonnes and the output from th© agricultural 
vest, which is not yet complete, tral Russia. The main Mack gap had to be bridged by costly sector because it can produce 


US Product! prtcos: 8034 cants par 
pound. Total Ring Turnover: 28390 
tonnes. 


hssHt? 


quick results and benefits for 


LEAD 


to improved incentives, techno- spot has been in the Baltic re- imports. quick results and benefits for 

logy aud management offered publics where there has been Mr Gorbachev has spoken of the consumer in a way that 

to farmers, as well as to heavy rain. Soviet agriculture being quite industry cannot Soviet econo- unoffit 

generally favourable weather. New incentives appear to capable of producing 200m mists estimate that it will be ^ 

The US Department of Agri- have played a significant but tonnes of grain in a bad year well into the next five-year plan zt 

culture has forecast that Soviet still unquantifiable role. Col- and 250m tonnes in a good year, in 1S93-84 before the reorganisa- cash 418-3 

grain production this year will iective and state farms are now If the 200m tonne output figure tion of Soviet industry begins SMontna 3ee-9 

reach 205m tonnes, while the being offered priority delivery indicates a new plateau then the to pay off. rffllto , 

Soviet Press has spoken of out- for good quality machinery and Soviet import requirement will But Soviet citizens might get (4)833). thrao 


generally favourable weather. New incenti 1 
The US Department of Agri- have played a 


Unofficial + or 
ctoac (p-mO — HiflWLPW 
Spar tanna 



Boslnasa Martf 
dona May 

— Jvdy 

1388-1898 Oct 
1364-1348 Dee 
1387-1365 


Cloaa Plow High 

7743 77.19 77.60 

7648 76.70 78.9S 

7820 7748 78.20 

78.50 7830 7845 

784)0 7845 78.50 

70.65 7046 70.60 

68.90 ' 6740 68.60 


77.60 ' 78.90 
78.8S 78-35 


P1.90 Oct 
Dae . 
7~— Jan. 
tojT March 


78.20 7738 

7845 78-20 

78.60 7740 


1564 1554 1574 1554 

1544 103 1564- W3.S 

1543 1534 1664 1633 

164.1 163.1 155.0 152-5 

1644 1523 154.4 -1543 

154.1 1623 1543 1S4.1 

154.1 1523 1543 1544 

154.1 162.7 1543 1544 




1484-1426 I S/danaM_ 


1450-1426] 
1461-1467 Oct 


* _ 4161413 

S.78 I 394/ 887 


Salts: 6317 (6318) lota of 6 tonnas. I nil 
ICO indtestor prtcaa (US cants pa j ^ 


pound) for August 31: Comp, daily I rw, 
1979 106,12 (104.09): 16-diy average j mh, 


Prav High 
19.73 19.72 

1830 1930 

1933 1932 

1939 1938 


reach 205m tonnes, "while the being c^Fered priori^; delivery todicates a new plateau then the to pay off. , _ omdoi analog (am): c«<» 475-53 9918 gf ^ S'S asgsg f ■ " s =5 

Soviet Press has spoken of out- for good quality machinery and Soviet import requirement will But Soviet citizens might get wws), three months aa&oo (3963- rArn > 52 22 — BsL-SgL»2!S S*S51Jg”5“ mtn ’ cwrt3/e ” fr * uah “ 

put reaching or surpassing last other inputs if they surpass be much more limited than in more and better foodstuffs much 7). aanremant 4153 (4183). RnaiKe* WM/H cou> 100 woy «. Vtroy os o«m p*» Low 

year’s harvest of 210m tonnes, their target for grain produc- the past more quickly if agicultore Sn'~.^5s t, s P oe « cSs' ‘STpi'U • in treding futorw ^ gj Jg'J »3 

That would be good news for tion. Government statistics show re^jonds to reforms. Mr Gorba- and ean oS* «73 «83 me MwBh asa2 a »3 am3 

Mr Mikhail Gorbachev, the Another good Soviet harvest that meat output is growing chev appears mtent on pr^ang fJ|CKEL SS S.i ~ - — “jr ao.o zw.4 »43 ao3 

Soviet leader. Most of the grain will have a significant impact fast with beef production up ahead with these since, visiting tba outcome ot tha iBtamadonal Cocoa ta.i *33 4to3 m.e zjoa 

goes to feed the Soviet live- on the world grain market 8 par cent on a year ago. a fann dose to Moscow last unofneiat 4* or Agiotaaont talks scimduiad for this *•*» «-7 «4.s «».o wj 

stock herds so more grain Since the 1970s the Soviet Union Nevertheless poor development month, he said that the next ctoM(p.n»T — Wb'iaw wm * kj Q *' 1 ,nd Duffu *' So.o Sb.« SaJ ^3 spot PRiCES-^rcaoo i D ob« lanf 

me»n4 more meat on the table ha* consistently been the lar- of wholesale and retail trade meeting of the Communist Party £ p* tonna 1 oet 4 a 9 .fi 4»3 «»f3 481.0 ib.oo (asms) canta oar sound. Handy 

for Soviet consumers and en- gest importer as increases in means that increased production Central Committee would dis- s88o« . - 4 a.B saatmso' ' + *w pw^floa* gj* “g-i «■« 4883 991.0 and Hannan siivar bunion 7273 (7«.o) 

Abies the Government to offer its livestock herds have out- on the farms is slow to appear cuss agriculture. 3 month* saeoe J —543 smsiem * hv,™ 1 “ doOB SL SSJ 520 ”^ sxl flB 


68.00 


Close 

Prov 

High 

Low 


goBoiia, 

Sopt 

15.69 

16J53 

15.78 

1BJ3 




Oct 

1GJ5 

i5to 

1532 

16.78 

, 

Low 

Dec 

1BJTT 

16 JO 

16^7 

16.12 

- 

19.48 

Jan 

16 J6 

16.45 

1641 

16.30 


19J8 

Match 

16JS 

15.75 

15.72 

16to 

_ 

1BJJ2 

May 

16.96 

IBto 

T7J» 

1695 


19.20 

July 

17.15 

17.18 

17.18 

T7M 

-s \ 

19.18 

Aug 

17-17 

17.17 

17.17 

17.12 


19J2 

Sept 

17.19 

17 JO 

17to 

17.14 


19.19 







19.1B 

WHEAT GtoO bu min, cents/60b-btrehel 



60U> 100 troy oz, S/troy oz 
Cknn Prov High 


Clofia Prov 
278.0 274.0 


High Law 
2783 272.2 


L aumani a Ilka, both apparently awaiting Nov 

tha outcome oi tha lutamational Cocat. pac 
,, T „ Agiasmant talk* achndulad for this 

. " «,»«« a«*. ■»!» 6.11 .ml Pi*.. 

1 £■ par tonna Yastordayrej I Oct 

S 880-6 • -38.8 5296/S280 ! + S?? 

3MM I £ R« r tmiw “ 22. 


Cash 88803 • -38.8 5396/1290 
3 month* 38806 1 -843 1 5548(5280 


4823 458.7 4633 4683 

466.7 484.6 489.0 4663 

4743 4703 4763 S723 

480.6 478.6 4793 479.3 

4B9.fi 4883 4913 481.0 

600.1 4953 4883 591.0 

6063 502_5 — — 


4883 

4663 top* 


271.4 272.6 

2763 279.0 


272.6 2703 




4793 479.5 SPOT PfllCES^CMcago loaaa lard 

4813 481.0 16.00 (same) canta par pound. Handy 

4883 691.0 and Hannan silver bullion 727.5 (745.0) 

... — canta par troy ounce. New York tilt 


Coping with harvest traumas 


Official closing (am): Caah 3390-6 r~TT 

(3351-2), three months 3385-90 (3350. 

1). sattiament 3395 (3352). flnri Kerb Starch""” 

close: 3380-90. Ring Turnovan 1,134 

tonne*. July... ...I 


6203 6163 5203 5203 319-320 (31B319) cants par pound. 


ZINC 


July... ......... 

sept 

Dree — 



L iiwiat 

!' '^'3 w HGCA calculation* oairtg flva days' CIlfSAD 

iHlS*S im IS “* c>, ' n0B "*“) U expected to remain SUBAR 

frSZlS&SS UnCbBnB,,d ‘ LONDON E 

1—87.0 1*02-1588 POTATOES P£S2 Jo^si 


I BEGAN my harvest with 
spring-sown barley an August 
IB, actually a day earlier than 
last year. Since then, however, 
progress has been sporadic and 
I am still only about half way 
through- There has been no 
real weight of rain but showery 
spells have caused frequent 
interruptions. 

Those of my neighbours who 
sowed winter barley in the 


FARMER’S % 
VIEWPOINT? 

By John Cheningten 


8 par tonna 


cent or even 15.5 per cent i uSmau " IS'. 

moisture instead, of 14.5 per High S5£Vip.ro.> rHtaWLo* 
cent as it is now. All the other srada le^&nou H 
member states have the higher 47M - : _ 14 \ — 

figures. 3 month* I 476-7 | -12 »W5f476. 

Overall the harvest picture is -■ ”“r — r: 

BD _ virlaMa n ( mn Official dosing (am). Caah 477-4 

very variable. One of my sots, f4S2 ^.5). three months 481-3 ( 483 . 6 -*) 


Cash 
3 month* 


' — [HlgWLow 
onna 

— 14~ ' — 


Seles: 4.324 (2.788) loU of 10 tonnu. Attention continued to facu* on tha 
ICCO indicator price* (SDRe par weedrer and rumours of poasibl* maff 


LOMDtol DA1LT PRfCS-flaw soger 
'OTATOES *147.40 (00.20). down 20c (down 60p) 

v,rl ' a tonne for SeptembBr/Ocrobar dallvary. 

Attention continued to locus on tha WW™ sugar 5182.20, down TOg. 


loJoe* (p.in.) — |H!gh/Low tonne). Daily pries for September 1: action to combat tha recant rhtzamsnis 


1.579.02 (1.68045); 10-dey avwvfle for acara. Tha market opened 60o up at 


473-4 ' —14 J — 

476-7 | —12 *483 1476.4 


September 2 : 


7™ FREIGHT FUTURES 

A ataop decline In vary thin volume 


£130.00, basis April, end quickly roea 
a further £1JX> tn establish the day's 
range. The session was otherwise quiet 
with range limited and volume thin, 
reports Coley end Harper, 


lyeate rtr* \ 

i Previous : 


i cloao | 

i close 1 

dona 


5 par tonne 


who farms in South Devon, has nnel Kerb do**: 476-8. Ring Woven * ine in W" voiWflt. 

had the best harvests the 20 , usi Prim. Western: < 73 . ZSto&J? rEE..? S&JSi 

years he lias had the farm, 48 5 ceflt » W poun “* noon opanlns. Levels remelned de- 


years he has had the farm, 486 *•"** *» f pound - 

while in East Anglia there have — ■ — — 

been continuous rains for LONDON metal i 


„ lYoetordasTN Provlou* tBuianowe 6 R "to 
Month I cl 0*0 I aloaa > dona Oct.— ...(1663-1313 J 126.4-128.8* 1613-126.4 


proceed until rising up to 20 points on £ par tonna 

extremely light buying, but slipped lh ^ i an -in m 
beck towsrd* the olose, reports ""~i SS 1 io- Si* 
Clerkeon Wolff. fifed Mia* 

| Close I Wgh/Low | Prav. SSw. „ '143.30 145. 


autumn were able to begin in of the criteria for storing and doing at this moment with some weeks. A friend in Norfolk is 
late July and are somewhat marketing grain. The maxi mum wheat. As soon as I move into weeks behind, normal and fears 


LONDON METAL EXCHANGE 
TRADED 0FT10N8 


further ahead. moisture content for most a fresh field I have the grain that there will be widespread 

£ used to grow winter brrley grain is 16 per cent so. to be analysed by a friendly merchant sprouting of both wheat and 


MUVMIBI 7 "W'-I UUJHIW. n-w » 1 _ , on in 87 Ore Rfl in — Itn 

beck Toward, the olese. report* SE£"—i E'23 

Clerkeon WoW. Efeid bs'SS mm Z 


Dry. Cargo 


151. 00-180.00 


JS-4-!S-2 ' nu-mt 

]«'f-«a.O 1 145.4-145.B 146.6-146.4 
WU-WJ 1493-160.S 166.6-1663 
: J6S-8-1M-6 1563-156.8 
JH-MK-2 1 1M-6-1M J 1623-166.4 
IB8.B-1M3 I 7B2. 0-76331 — 


myself and its early ripening on the safe side, I look for a so that I know jost how it barley. From Scotland, where 
certainly allowed me to get the moisture content of 15.5 per should be treated. The problem harvest is generally later, it is 


J/tonne! Nov. 


never seemed to yield any with standing grain so it has that all the 


better than spring harley and to be dried after combining, 
was rather more expensive to Although I have been drying 


ugust 
s local 


ra’fl 08 ,* 5M? 


laboratories is still time for the Scottish 


were dosed. 

It is usually possible to rely 


crop to recover. 

An indication of the serious- 


Aiumln- 

lum 

09.7* 


grow. gram since 1941 the process on a proportion of wet days ness of the situation is the fact 

I was nonetheless concerned remains one of considerable in the average harvest which tha t both for milling wheat and 
to find that - — ■ — •- - -- ... . j-« ... 


NOV, Janj Nov. Jon. 


Jan. l mo IU40I11 

Apr. - 1175 1170 

July 11030(1060 — 

Oct. 11170/1180 — 

Jan. 1087.5 — 

April I U75 — 

BFL 1106,® — 


May. — ’143.30 143.70} - 

Seles: 234 (284) lots of 40 Monas. 


No. 6 Whites 

get- -} 16M-1B1.5}1793-160.4 1813-17B3 

gee — ■[ JH'S'JK-S! 7 ** 1 *-* 162.8-1663 

1683-1843 

May— — J ]6B3-]BD3|1B83-1B83 1M.O-1B8.6 
Auq— — 185.0- IB4.B {196.0-1923 18L6-1BZ3 


SSs 

^ late 


a tes * 


» M 


AUB-~— 198.0- IB4.0‘192.I>.1B3_6 iMB-int 

ZZTftzc 


CRUDE OIL— FOB (6 per barrel} Sept. Selae: No 6 2358 (2,126) |ote ef BO 

Arab UflbL. — . . — I — tonneaj No 5 1.679 (3.824). 

Arab Heavy. - I - Tew and Lyla dallvary e 

Sfet‘BtoSd::::rr. MlS»iBS»koaS inMwf, b ^‘‘ "g" WB * 

W.T.L (lpro adt). — 1835-19.60^ +aiO (3133.00) a tonna I or export. 
Forcada* (Nleerla) — ! — ImoinMienal Sugar Aoimm 

Urfile (Cif NWE).,^...i — j — cena per pound fob end jtowc 


neighbour's trauma. 


allows me to catch op with the malting barley are commanding 


_ ^ Alumin- j 1,660 J. — 66 

winter wheat yield was fairly Mr drier has s limit of about second drying, otherwise we jost quite substantial premiums for 9 bS* Moo So - 

low— although the malting 5 per cent extraction at about belt on and hope for the best toe second year running, and ■■ * ' . ■■■■ ■ * 

quality was very good, which 8 tonnes an hour, if the tern- The premiums for quality grain the spot trade for both wheat £*B5 r JU | HSI* If S{L ZJ 
would probably make up his perature is kept to a level that though are such that I have to and barley has been moving up *1 iItoo Ifa ie - - 

TntnrrtB *Tnd T1 T*aW Am lime 4 h *i 4 > urill Varefi Aka — * a w M -M .a * _ 


Turnover: 230. 


GRAINS 


! figurt 


’ Tbw B ld Lyla delivery prlaa for 
om b, *ls auger was £19*30 


returns. The problem was that will not damage the gennina* make every effort to secure quite smartly. ^ '■ ■■” 

tion of maltmg barley or the them— it is a most anxious The weather over the holiday copper “fixST! - - '« ssi* 

and pinched and had to be milling quality of wheat. That time. weekend was Quite eood m toe wSS aj| i Se wo 48 Ira « 

screened put to make an accept- means the input moisture con- While in seneral bearing out ”,r.ri:r ( . ! i.obo a? so , - - 

able malting sample. tent should not be above 20 my earlier pessimism this towarttod weiOBr Js 

This confirmed my belief per cent. ySr’s results were not quite as hv ^ “ ttonam, 

that the cool, gloomy rammer Should the input moisture be bad as I had feared at one tiu 


[Yaef rtly'*|- 
Mnth 1 dose 


This confirmed my belief percent, 
that the cool, gloomy summer Should tl 
had held back tbe maturing of above that 


EfttisutM. 


Sep.-.; 108.88 +03B 97.30 
Not!...! 10330 +034 100.30 \-0.tt 
Jan. -| 10630 +03* 10330 \-OM 
Mar.... 108.60 +035 10530 -0.46 
MoyJ 111.00 +036 10738 ML40 
July... l 113.60 +036 — j — - 


> BARLEY PRODUCTS— tionh Walt Ear spa 

- or baa? rtfyV-f or Prompt danvonr cif (6 par tpnn*} 

i - Btoie _|_""_ Premium eoaoDna— i 180-1931 — 

Q - m 0«* Oil. — 167-16W — 

ora im m tS « WU I alia) +3 

2-S t22'S rfr S Naphtha- 159-1611 - 


My only really promising I TIN 


t ^tf^ a ?1i WaS “° Stp ® S8i ’ to thV drier 1 doSS jJPmSp^al? wSS^Se^wt rat 

mistic about how mv own crons cream* the temnerafnre nr tk. * . Ma . i+ unc rhnka 8011 Brans, wmcn _ are not yet 


July-'-' 11330 


xotetie about how my 0 ™ crops crease ttetempcraturo'.tf tte l^t'W « 

would turn out In this my hot air. But if I slow down the The barley is probably around npe ana coma stm suffer Business dcw^-Whoat sw im 

worst fears were fully realised, drier there isYbuild Spin SI toe t^to^es^SrSSe^SS » % %2J£L GOLD 

Which I have just started, have wet grain pit which always also about half a tonne down on doJn’ot^^f^S il3to. ^Saien 206 lots of 100 mm. 

shown the same high propor- seems to be aggravated by toe last year. It certainly looked StotiSm ootJ bullion tfinaww) Sopt.i *■?* fLSif ^d N MJ°2iSS2d 

tion of SCT60llillSS- fact tha t when things m hnHTvr hreMar ftian that whan ctan^Wio prOBUSinj DUt at 16851 IS StAQu* Jan 1Q2.90, Mirth wo May unuadM. 

whAt^aiiv rieternunps top S better than^that when Ending, and should combine easily, ctoo.-.- uosaos* .Mi s«i«: ii4 im . 


Intomationol Sugar Agrovmuit— (US 
cent* per pound fob end stowed Carib- 
been Ports). Prie** f or August 28: 
6^(5 «) 5 42 (6,32}; IS-dey avarega 

pBr toino): Oci 1094- 

1^’ M,reh ’132-” 35 - 

7^4.J2j| a ' 11B3, A “ 8 ” 07 ' 1188 ' 0ct 


• October. 

Pstroleuai Argus aaHmeta* 


Business donu WlieoT Sept 10345- 

2.S5. Nov WJIMAO, J*|» ItoJO-aao. pfestercy*. 4 . or, Butinas* 

March l1S.7XL8.5a May Him July stooa — J done 

113 to. Salem 206 lots of 100 tonne*. 

Berisy: Sept S7.5U-7to. Nov 100.600 30. * I 

™ r S Sf October ffilu -a* nuni 

Dark Dvt - — 122.5-12IJ -8.M 125.5-IUA 

LONDON GRAINS — **W«. U5 Dark Fab. 1MA-12B 0 1 — 1 M'imX 
Norttem Spring No 2. 14 per cenc April- 125A-127.0 — 


SOYABEAN MEAL 


GAS OIL FUTURES 

jvMtard'ygU- or } Bintnofi* 


satard'yw + or- Buunass 
— J Oono 


r =• w stfVffisaKrs .“■jffawissj rsoodobou* ^omo™ sR»si^r-®Siir“ 

it looks while growing but how trailers keep bringing in more Sains. I doubt if much of It 2““*. ^ I set Aft’n' n fi* ijftis (M 77 . 01 B) 

well the grains have filled. and more. Don’t ask me why SouM be accepted for inter- them during September. j &?2 k5T - 

I must have spent hours rub* this should be so. but it is. venticn buying: In this cornier- I have heard that the — „ ' ■ » ^ ■ — 

blng out ears of wheat and bar- So the only way to keep the tion I think Mr John optimists who were prophesying ooro aip mnHU— con» 
ley in the run up to harvest— combines running in this un- MacGregor, the British Minister a record harvest are now chaag- Am Eaaia.S46&470 038*xi-286i*> 

uihinn nf miiYca hoe nn 1 ■. a. « . • _ ■ ■ 7 is v ?*._ .L. _ J 1 * urm. abci.\ 


-- 1 doM 


I 

par tonne 1 

October..... 1M.8-124J — 8:26 124^-i2s_& 


U9I 

pw tonr 


1B6.Q0 -2.75168^68^0 

Ort.... 15 7.to — 0.75168JB-87 J5 

i52*S° -i.^ia.764«jn 

Dm. 160.75 -l.lSlS2.7M8.TC 

— — 162.60 — | 18 &io 


3.75 150to«8to 
0.76 166J&-67J6 


which, of course, has no in- certain climate is to keep the of Agriculture, would be quite ing their tunes and coming down 

fluence on toe yield but is use- temperature down and dry the safe in bowing to renewed pres- from a 36m tonne record to S^Twi 


ful in making the decision to grain a second time if there is sure from the National 225m -tonnes. With quite half I h idug^aua-iio 

Stort harvesting. «IH nhmiM nt », n , ■ *V» — ... — .v~— -a .> . I lm,*L UMJ£* 


start harvesting. any chance of malting or mill- Farmers’ Union and asking for the crop not yet gathered that ttrtszsSfK? 7 

I usually make moisture tests ing sale. a derogation from Brussels can be little more than a guess. sS» 110 M 07 

of these nibbed out samples That is wbat X have had to do which would allow UK grain to Personally, Z would be surprised oaten, aioo-ioko 
because moisture content is one with most of my barley, and am go to intervention at 15 per at anything over 20m **»««»«■ Nouta Wat.»6i3-6as 



Sept 92.00, Oct 94.0CL Nov 95.75.- US June. 121 >124.0 LJ)ft _ 

No Z Soft Red Winter: Sept 8&.X5. Oct August. I2IJM2U —1.68) — 

31.25. No* 93.50. French 1l*r12 per Octo b« r„.. 1122.0-1 24 J |— l.oej — 

cent Sept 137JBO. Oct .740.50, Jen/ _ ■ ■■ '■■■ — " ■ 

March 146.60. Engliih f*ad. fob: 8apt Salu: 137 (181) let* of 20 tonne*. 
103.75, Oct/Oec 196.60, Jen/Merch 
100.50 sell era. Mates: US No 3 Yellow/ COTTON 
French tren shipment East Coast; Sept ■ * 

153.00 aeller. Barley: English feed: LIVERPOOL— Spot end shipment 3 
Oct/ Dee 103.60 quoted. far the week ending August 




Turnovan 3.501 ( 6 . 018 ) lots of 100 
tonnes. 


French trinnupnnni usi ocpi II PTC* 

153.00 foliar. Barley: English feed: LIVERPOOL— Spot and shipmant lain* JU I C. 

Oct/ Dec 103.60 quoted. far tha week ending August 2& 

HGCA — Locational e*-l*rtn spot amounted to 419 tonne*, against 1.144 JUTE— - a 

atK* « ,#Ufn , rawti “’ • b . |u<, | B0 


v?'(l - : : . 






F i r*a nci^ T^inc^ AVediiesd ay ^Septc m he r 2 1987 




t. s-n -i 


,v . 

n* 

:no - 


t -j, - 



, MONEY AND CAPITAL MARKETS 


FOREIGN EXCHANGES 

Pound weathers the storm 




>n* 




STERLING SHOWED an overall 
gain on. the day as news of another 
trade deficit failed to have much 
impact A current account deficit 
of £310m in July compared with a 
reused' shortfall of in June 

had been discountd to a larger 
The figures, were hot as 
-bad as the worst predictions and 
speculators who had ran., short 
ahead .of .the ; figures . tended . to 
cover fhelr positions. . 

In addition UK interest rates 
retained an attractive edge and 
other news suggesting a favour- 
able economic outlook' tended to - 

lend support Middle East tension 
and its effect on oQ prices was 
also an underlying factor giving' 
support . L . 

Sterling's exchange rate index 
finished at Its best level of the day 

at 72.8, up from 72L5 at the opening 

and Friday’s close. Against the 

dollar it rose to $1.6400 from 
$1.6335 and DM 2JJ725 compared 
with DM 24K775. It was also higher . 
against tie yen at 232.75 from 
Y232.fi,- Elsewhere it Gaished at 
SFr 2.4550 from SFr 2.4375 and 
FPt & 9475 . . compared..- with. 
FFr9.88. 

The . dollar finished little 
changed overalL Trading' was 
extremely nervous as traders 
reacted to reports- that central 
banks, including the Bundesbank, 
Swiss central bank and also the 
US Federal Reserve had-. been 
active in a modest way.- There was 
little incentive to test the dollar’s, 
downside and the resistance level 
at DML805Q was not seriously 
tested. 

US construction spending fell 
by 0.2 per cent in July compared 
with an adjusted fell fn June of LB 
per cent while leading economic 

£ IN NEW YORK 


indicators rose by fi5 per cent 
againstra.LO per. cent rise in June. 
These economic pointers tended 
to .be ignored. 

The dollar closed at DU L8125 
£tom DM.L8U0 and Y14L85 
against" Y14L05. Elsewhere it 
finished at SFr JL4S85 from 
SFr.L4925 and FFr6.0650 against 
FFr8.0475. On. Bank of England 
figures, the dollar'stocchange rate 
index fell from 10X1 to 100.8. 

D4HASK— Trading range against 
the dollar lit 1987 Is lbs&s to 
; L7690. Angnst avenge . L8S73. 
Exchange rate index 148.7 against 
148.0 six months ago. 

There was no intervention by 
the Bundesbank at yesterday's fix- 
ing to Frankfort when the dollar 
was fixed at DU LSI 16 down from 
DM L8152 on Monday. 

Once again speculators were a 
little wary of pushing the dollar 
too- low because central hanir w 
were showing signs of their inten- 
tion to support the US unit- Others 
suggested that this was at best a 
holding action and that recent 
comment about, the US trade 
deficit meant that a further down- 


ward adjustment in the dollar's 
value would be hard to avoid 

A rise in West German second 
OO arter GNP of tS per cent com- 
pared with a 0.5 per cent fall in 
the first quarter appeared to have 
little effect 

JAPANESE YEN— Trading range 
against the dollar in 1887 Is 15&45 
to 13&35. August avenge 147.57. 
Exchange rate index 284.4 
269.4 six months ago. 

Trading remained nervous as 
speculators resisted the tempta- 
tion to posh the do llar sharply 
weaker because of fears that the 
Bank of Japan would give substan- 
tial support to the US unit The 
latter stUI closed down however at 
Y14X.00 from Yl 42.45 fa New York 
and Y14&35 fa Tokyo on Monday. 

Renewed tension fa the Gulf 
also advised a degree of caution. 
Nevertheless the dollar’s senti- 
ment remained extremely bearish 
and was not helped by comments 

made by Mr Clayton Yentter, us 
Trade representative, when he 
suggested that the US trade 
deficit was unlikely to improve 
significantly this year. 


BWS EUROPEAN CURRENCY UNIT RATES 



Era 

central 

races 

Currency 

amounts 
against Era 
Sept 1 

% change 
from 
central 
rete 

% change 

raftassit for 
dhiefwmce 

Divergence 
tank % 



434711 

+164 

+040 

X L5344 

Ootttei Krone — 


7.97783 

+160 

+0.96 

±16404 

Gtrman D-Moric 

R>- I'l 

Z07229 

+067 

+0.03 

±16961 

Frtrai Franc — 

■TOT1 

6-92995 

+038 

-036 

±13674 

Dutch Guilder 

231943 

233452 

+065 

+041 

± 13012 

IriftpBtt 

0J684U 

0.77B372 

+L30 

+066 

±16664 

Kalian Ura 

1,48338 

130034 

+1.13 

+147 

■ ■ 1 4 1 


Changes we far Ecu, th e reto * positive change denotes a weak currency. 
Adjustment nfcutaicd fa Financial Times. 

POUND SPOT — FORWARD AGAINST THE POUND 






% g/tvi-* rv-.'.j 




Vra 

Hi: i-IB 

- 1 1 

■ g| 





SfPtl 


Farwanf premium* and d isc o unts apply to tin 

- U -S- (Ufa. . * . • 

STERLING INDEX - 



Sept- 1 

Previous ; 

830 - 

am 

• 

723 

723 

940' 

ran 

min 

723. 

723 

1040 

am 


72.7 

724 

1140 



724 

724 

Noon 



726 

724 

140 

pm 


727 

724 

240 

pm 


727 . 

723 

340' 

pm 

illMH 

727 

724 

440 

pm 


724 . 

725 



SoUartMd- 


Day's 

spread 


1 ft -ton-i mis 
2JMMJ6U 
3u33%-335% 
6144-6X81 
lX38VU44*a 
i ihm nan 
2.95%-2.97% 
23207-23443 
196.78-199.55 
21A1V254V 
1O85V10.92W 
9aav-9.95ft, 
1040%.1D4S% 
Z31VZ3 
206040.97 
20V246 


CUe 


U39S-L6405 

2180020610 


a34%-335*» 

6X70-6X80 

ILOfalLVUa 

29W-29A 

23346-234-43 

199JU5-199J5 

10.91V10.92V 

9.94V9.95>* 

UL44>rU).45>) 

Z3ZV233*, 

20.93-20-97 

249246 


One mon th 


040-037 on 
020011 qn 

lBVWfap™ 
hpm*n dh 
0020*4)45 pm 
l%-l%pBtpm 
81-234 c As 
86-118 cihs 
S9 fan dli 
3V4 oretfls 
2-Uj c pn 
l*r% (We PM 

1VP«»P* 
IflVIO on pm 
Ifalfa pm 


PX- 


242 

08b 

4.93 

340 

—047 

016 

646 

-151 

—614 

-3.90 

-445 

LSI 

140 

644 

5.9a 

672 


Three 

morifas 


L27-L22 pat 
045053 H 

4V4 pnf 
59-50prrj 

lOildd^OMH 
4V4hH 
243-332 (fla 
197-246 S 
14-19 A 
9V9% dh 
5V«»p4 
3VZ»>a 
3%-3%W 
3X%r29%pnJ 
4%-3% pm 


% 

PA 


344 

149 

4.93 

346 

044 

-018 

622 

-4.92 

-4.44 

-347 

-340 

211 

110 

625 

540 

662 


CURRENCY RATES 


Mgiaa rt» H far comertMt francs. . Financial franc 62146220. Ste-anatfa forward dollar 
J240-23S c pm. 12-njonth 415-445 c pm. 

DOLLAR SPOT-FORWARD AGAINST THE DOLLAR 



Bta 

nit 

% 

SftcM 
Drawing • 
• BfeB 

Eorapaai : 
-Cvraj- 
LtaU.- 

Steritag 

— 

0790060 

0696350 ‘ 

U-S-Dotfa 

S3 

- 149317 

114460 

ConwttiwG 

175 

« 

130903- 

ArabtanScb.. 

4 


143856 

Bdgtai Ffaac. 

■ 71i 

486943 

434712 

Darisb Krone _ 

7- 

941663 

7.97783 

DerasdwMariL 

34 


I T ■ 

NetoGritar- 

V? 

. 263871 

233452 

French Franc. . 

9*a 


692995' 

HaBraUra 

1? 

HA 

150034 

Japanese Yrit . 

2h 

, 183372 

.162246 

Krone 

4 

8L59629 

7MB70 

Spate* Pestai 



139026 

gireriWi Kirnaa 

7*1 

-.024590 •. 


Sate Franc. — 

33 

; 1.93135 


GreokDrech.^ 

2pb 

1783B; 

157.920 

bt*Pw» 


-.• ‘HA _ 

0.778372 



ifav 

farad 


14305-16415 

14660-14725 

L3165-L3206 

2035500440 


3746-37.70 
•' 695V698 
14065-14150 
142VM26 
iyi.9n.i9i nr. 

1308-1314 
6j63%«46% 
6-O4%406% 
. 635^638 
14X30-14X95 
1Z»42J6% 
1A900-L4970 


dm 


L639S-L6405 
X4685-X4695 
L3165-L317S 
24415O042S 
3740-37.70 
697V6-974, 
14120-14130 
H2%-14Z% 
12L50-1ZL60 
1312% -1312% 
665V666>, 
646V646% 
637-637*? 
1418044X90 
12.74%42.7S 
L496O-L4970 


Ok month 


0.40037c pm 
025020c pm 
021444c dl 
035032c pa 
280140pm 
0.90L40ore tfls 
0J51-048pf pm 
50150c db 
95115c dls 
6SOB40Uie db 
3J5400we(fc 
0330.43c da 
140L20or»db 
0420397 pm 
330252ara pm 
047043c pm 


* 

PA 


282 
144 
-205 
197 
073 
-L98 
338 
— B42 
-1036 
-663 
-740 
075 
-247 
343 
243 
341 


three 


127-L22pm 
0490.78 in 
044-047 Us 
0.980.94pm 
740540pm 
375425 ill 
148443pm 
250400 dls 
23024001 
19302L50db 
ILOOllTSdb 
125-155 (Os 
340320 db 
LlS-LUa 
lOOOOOQpm 
US-130 pm 


% 

pa. 


344 
227 
— L99 
148 
OM 
-230 
321 
-922 
—846 
-625 
-649 
—0.92 
-L95 
326 
243 
335 


•CS/5DR rate fa Aifa 3L. L7069O. 

CURRENCY MOVEMENTS 


SepLl '• 

■ 4aok of 
England ’ 
tnde»v 

Mowa 

GiaranGr 

-OungeS-46 


. 724 . 

-207 . 


2004 

, r63 

SrH - l,* |. . Jtei 

784 . 

-94 


737 A 

+10JL 

-4.7 

+13 

DmfaDICitMralta. 

90.9 

OentsctaeMarii ■ 

1467 

+216 

Srite Franc ... 

173.4 

+253 

Gttadtr 

134.9 

+143 

Frendt Franc 

713 

- -134 

Lba 

‘ 473 

-183 

Yen — L— ^ — 

NK-LlLM 

KIlcJH 


f Ufftand (refand fee quotecffa U5 currency, fi smart premiums and dboounts appiyto the OS dntfa and ad 
tofts kidMdual ■ caneng. Befaa rate is far canwrAte francs. Finandri frac 374517.95 

EURO-CURRENCY INTBtEST RATES 


Morgan Guaranty changes:. avenge 1980 

1982-100. Banket Eogtopd tades (Bme n»era«s 

-1973- UNI.- . 

OTHER CURRENCIES 


SepL l. 

Shan 

term 

7 (fas 
notice 

One 
: Month 

•. Three 
Montis 

Six 

Montis 

- One 
Year 

SUritag— : 

■ 

9AJ»i 

104% 

jOtj-IOia 

uvioh 

MfrlflH 

U-S-OoHar 

6&6ii 

6U-6B 

74-74 

74-74 

74-74 

84-7H 

Coa Dollar 


9«r8% 


9V9 

9H-9A 

UMV 

D.GuB(far__ 

5>r5 

5A^5i 

54-54 

5JrM« 

5*2-54 

54-54 

So. Franc 

Vrih 

2 W 

sa-3* 

3V3% 

3U-3B 

4-33 

Oentafenarit — 

4A-3H 

. +3% • 

43B 

44» 

4V44 

44-P* 

Fr.Frnoc 

7V7V 

7A-7A 

7V74 

SftrWf 

8fl-8fl 

9V9*. 

ftatbnUre 

12-10 

J2-KP2 

13V12SX 

13V124 

13V124 

J3*rl2% 


6A-6i 

6*6& 

64-6* 

6V6»i 

7V7 

7 W 

8-Fr. (ConJ — 

6V5% 

Vr**, 

WH>V 

7-65, 

7V6% 

7*2-7*, 

Yen 

3A-34 - 

3&S& 

44-4 

44-4 

44-P. 

44-4^ 

D- Krone 

9V»i 


imr9* 

nth - io 

101*2-10 

10%-ltri, 

MuSShw. ■ . 

76% 

7ir*H 

74-74 

7V7*, 

74-74 

04-78 


September II 



UJV£. 


3.705037215 

122815228451 

804540804940 

I7JB65-7J995I 

1 223^522745 1 

127900-124030 

U630* ■ 

1131085132275! 

0459100:460201 

■ 61.706140 | 

1 47145^17250 1 

245040246670 

12486026914 

61385*7440 

3.4440-3.4510 

33260-33415- 

5303554950 

4895492Q 

601206(070 


22620-22705 

13925-13933 

494179393560 

4389043920 

1369513945 

7406574075 

70.90* 

8043004.90 

028090029140 

: 37403770 

2512025130 

149600150540 

1439004410 

3750037510 

2402524035 

2038524430 

336153.4785 

.3045-3045 

'3472534735- 


LanKerm Eurodollars: Two yean 5V4^pm cent; three yean 5&-51 percent; tom years per 

OBt(;flie yews 9VWi per cemacmtaaJLSI w r w eriu t a l e s are cad far US OcOarsondJap we 

twofayi* tatkz. 


EXCHANGE CROSS RATES 


Carrectim for £22670- 


’ SepLl 

£ ! 

$ 

DM 1 

. Y« 

F Fr. 

S Ft 

H FL 

Ura 

CS 

8 Fr. 

£ 

L ' 1 

1640 

2913 

S23 

9.948 

2455 

3350 

2153- 

2161 

61-75 

. . 

fl-MO 

X. 

1313 

14L9 

6365 , 

1497 

2342 

1313 

1317 

3765 

DM 

0336 

6S2 

1. 

7630 

3347 

0326 

UZ7 

7243 

6727 

2037 

' YEN . 

4396 

7346 

1277 

1006- 

4274 ! 

1035 

1439 

9248- 

9282 

2653 

F Fr. 

1305 

1649 

2988 

2343 

1 

10. 

2468 

3368 

2164. 

2172 

6208 

SFV. 

6407 

0668 

LZU 

9431 

4352 

L 

ute 

8768 

6880 

2525 

KR 

6299 

6490 

0387 

6938 

2969 

6733 

L 

6 425 

6645 

1643 

.Lira 

6465 

0.762 

1381 

1083 

4621 

U41 

1356 

1006 

1304 

2869 

CS 

6463 

6759 

1376 

107J 

4604 

2136 

1351 

9963 

3. 

2658 

-8FV. 

1619 

. 26S6 

4314 

3769 

1611 

3.976 

6425 

3486 

3499 

106 


Yen per 1.000: French Fr per 1& Ura per 4,000? Befaia Fr per 400. 


FINANCIAL FUTURES 


Gilts up from early lows 


GILT PRICES finished up from 
opening levels and Friday's close 
after some erratic movements 
during the day. Attention had 
focused on the release of UK 
trade figures and although the 
December price opened at 114-08, 
up from Friday’s close of 113-31, ft 
soon fell during the morning and 
the trend was accelerated sharply 
after the release of the trade 
figures so that the contract 
touched a low of 113-00. 

However much of the hysteria 
reflected a knee jerk reaction and 
it soon became clear that although 
far from being encouraging, the 


UPTC LONG SILT F U TURE S OPTHMS 
Strike Cafe— Last Pats-LM 

Price Dec UKU Dec Math 
108 748 7.49 024 039 

UD 539 647 045 LZ7 

112 440 659 146 245 

144 249 330 248 240 

Ub 130 232 342 342 

US 147 2X23 423 543 

120 042 UB 558 638 

122 024 — 7 AO — 

Estimated nfane at*, Cafe 1365 PMS36576 
Pmfau ■fa's open toe Cafe 15495 Ms 1QU96 


current deficit was insufficient to 
underwrite any renewed push for 
higher bank base rates. 

Consequently short covering 
developed iu the afternoon and 
together with a reasonably bullish 
economic report from the CBL 
prices finished close to the day's 
high at 114-24. 

Three-month sterling deposits 
acted in much the same way. The 
December contract opened 
unchanged at 69J20, noting a 
defensive upward correction in 
cash rates ahead of the trade 
figures. After touching a low of 
89.00 it rose to a high of 89.34 
where it closed. 


UWE US TREASURY BOND FUTURES OPTUHIS 
Strike Colls— L«B Pots— Ua 

Pita Dect Marti Dec Mach 

80 646 627 047 DJ9 

82 546 437 036 145 

84 349 338 145 130 

86 225 233 1»S 245 

88 L21 L44 241 336 

90 046 145 442 547 

92 02Z 0.42 5.42 654 

94 040 025 730 837 

EsflnmMl fthHC nU, CA 95 PM 20 
Prerioa tat tat: Ctos 304 Pats 264 


Both contracts were influenced 
in the afternoon by the strong 
performance of sterling which 
bad already discounted another 
current account deficit 

US Treasury bonds opened on a 
brighter note at 88-2? for Decem- 
ber delivery, up from 8&04 on Fri- 
day. An early attempt at a sell was 
partially successful fa driving the 
price down to a low of 88-03 but it 
soon recovered, helped mainly by 
a better dollar tone and signs that 
central banks were likely to 
embark on concerted action fa 
order to preclude a speculative 
dollar- sell ofL 


UFFE FT-SE 100 UfBEX FUTURES OPTIONS 
Strife Colls -Lob Para-Lost 

Prior Sept Oct Sept Oct 

23000 3.95 837 745 687 

23250 344 745 664 845 

23500 230 5.96 1040 936 

23750 L71 540 1231 li in 

24000 L24 446 1434 1276 

24250 049 3.43 1649 1433 

24500 042 241 18.72 1641 

3473 0 0-43 237 2143 1837 

Estaatrd trntmne mat, Cafe 14 Pms 34 
Prados day's tpea Inc Cals 295 Pats 202 


UFFE C/% OPTIONS 
C25JDQ0 (mats per £1) 


unman sc o— options 

£32£00 (Mfe per 


seta Cafe-fast 

Price Sept Oct few. Dec, Sept Oct Nov. Dec 

L45 1945 1945 1945 1945 040 04Q 040 043 

130 1445 2445 3445 1445 ODO 0.00 004 016 


135 

930 

935 

935 

935 

600 

039 

031 

068 

160 

435 

4JA 

437 

4.70 

833 

675 

133 

233 

165 

640 

135 

135 

220 

132 

294 

322 

433 

270 

030 

026 


684 

612 

685 

— 

617 

275 

030 

— 

— 

02b 

1122 

— 

— 

1239 


Estimated tame total. Cafe SO. Pets 100 
Pterion day's opea fat Cafe 373 Ml 1439 


Strto Cafe-fast 

Price Sept Oct New. 

L45 1270 — — 

130 2330 2330 1330 

235 830 850 B50 

160 340 3.90 445 

235 030 140 2J0 

L70 0J4 030 030 

275 030 — - 

Prtriws (fa's open be Calls 922 
Kl9 


Dec. Sept 
1290 250 

1330 015 

830 015 

446 030 

205 225 

085 740 

220 1530 
Ms 265 


Puts— fatt 
Oct Noe. 

020 025 

035 060 

140 270 

3.40 430 

730 730 


Dec. 

270 

035 

0.95 

230 

4.90 

MM 

1650 


PHILADELPHIA 


SEE/S OPTIONS 

£11 


UFFESCMOMUU OPTUHIS 

ipotats «f 140% 


E3S 


v srn 



1 iSSrrt 









|l_v il 

[LL'i| 

[m 

pn 




| iTi. J 



■iR-.-'l 

V 




1 1 i r b 

|tfj ^ 

I'Y 1 1 

[EVf 


pri 

FIT'I 




|>ll| 

|(V '■ 


I »T -1 

B>Ll| 


|iV.>B 

■*Vt pj 

B 

|iL) | 

|(T.i| 

|IVJ 

■•Yi'l 

■ Vl’l 

■ Vi<l 



I'T’-I 

|’V (] 

ri'VM 

'K<l 

■ Til 

■ ( V > M 


|»T >1 

■ »Jj« •] 

1 1 6 (| 


1<V-I 



■ ^-’1 

|.v.| 






H, 

■ *T7- 1 




Wei * '1 

|.'f 1 | 



I rVrJ 

B-V ( l 

m fci>| 

l r i| 



|rl r .| 



■ rX-il 

■ ■V'-® 

| \ L| 


[tT'6 | 

GlTtr'f 





V* -1 

H’* J 



I (7 •! 

ft 


B- -B 

riti 


Bifi/fl 


III Iffl 

|)i n 

K«ir/J 



1 1'_ J 


BgTI 

m Ac! 


1 ^*1 


H_| 

B t 

H ■ Jt ’■ 

■*V>i ■ 

IiT.-l 


Id 

Il i g 












LONDON 


CHICAGO 


28-YEAR 22% MTNMAL CUT 

£50400 3Ms at ISO* 


ILS. TREASURY RWDS (gBI} 8% 

SUOytOO ttft Of 200 % 


JAPANESE YEN (TtW) 

Y223« S per Y100 


Ctose Hid* Uw Pm- 
Sent 114-18 114-18 113-04 113-27 

Dec. 114*4 124-26 12300 113-31 

Man* 114-27 — — 114412 

Estfenated Mknoe 28492 02642) 

PftriM (fas can tat 32,939 324721 


«% NOTHUIAL LONE TEBtt JAPANESE SOVT 

BOND YlOOra lBOftt of 100% 


Cun HMi Low Pret 
Sept U533 UJS-30 105120 10630 

Dec- 10433 104.75 10435 20530 

Esttaated Vbtaie 5M (458) 

Pierian (fa's open lot 512 Q2U 


Sept 

Dec. 

liar. 

Jem* 

Sep. 

Dec 

Mar. 

JwK 

Sept 

Dec 

liar. 


Kfa Law 
87-20 87-24 87-01 

8621 8625 8602 

85-23 85-27 8506 

84-30 84-30 84-11 

83415 B34B 
— 82-20 82-20 

— 8300 8240 


Pm. 

87-16 

86-17 

8320 

8425 

M4» 

8309 

8220 

B24U 

81-15 

80-30 

80-15 


Latest High Low Prav. 
Sept 0.7059 O.TOffi 67052 03033 

Dec CL7U9 07144 0.7112 0.7092 

Mar. 0.7190 0.7200 07190 0.7158 

fee 0.7230 67230 07230 07230 


DEUTSCHE MARK (IHM) 

DttUSjMO S per DM 


Latest High Low Free. 
Sept 03525 05542 05518 03516 

Dec' 03672 03588 05565 03562 

Mar. 03620 03628 03620 05608 

Jew — — — 03654 


US. TREASURY BILLS (IHM) 

nra Prime If 188 % 


THREE-MONTH EURODOLLAR (IHM) 

Sira pout ef 108% 


I THREE-MONTH STERLING 

£500400 petals of 108% 



Ckse 

High 

Law 

Pm. 

Sept- 

89.47 

8947 

8925 

0)38 

Dec. 

8934 

0934 

8930 

8920 

Mata 

8643 

89.43 

8925 

0931 

Jane 

8947 

8947 

8937 

8936 

SepL 

8936 

8936 

8926 

8925 

Dec. 

8936 

8936 

8922 

8925 



UM 

HW 

Low 

Pm. 


Latest 

High 

Law 

Free. 

SepL 

93-80 

9330 

93.73 

93.78 

SepL 

9221 

92.72 

9266 

9271 

Dec. 

9332 

9332 

9325 

9331 

Dec 

9239 

9210 

9200 

9237 

Mar. 

— 

9604 

92.99 

9334 

Hr. 

9L74 

91.75 

9X67 

9X73 

JWL 

— 

9233 

92.77 

9232 

Jane 

9148 

9148 

9140 

9146 

Sept 

— 

— 

— 

9262 

SepL 

9X26 

9X26 

9X91 

9123 

Dec 

— 

— 

— 

9246 

Dec 

9L06 

9137 

9X00 

9133 

Mar. 

— 

— 

— 

9230 

Mir. 

9688 

9038 

9031 

9034 






Am 

9673 

9673 

9064 

9067 


Estlmraeti Vofarae 5392 (Z544) 

Pterions (fa's open tat 17,040 04882) 


SWISS FRANC (HOI) 

SFr 125,900 S perSffr 


STANDARD « POORS 580 MDEX 

SSW fiwos hnlee 


FT-SE MO MOEX 
£25 Her Ml Ma pdrf 


Latest Htah Low Pren. 
Sec 06703 0672b 06693 06692 

Dec 06765 06790 06756 06754 

Mar. 06825 06841 06825 06816 

Jane. — — — 06875 


Latest High Low Pie*. 
Sept 33265 33345 33060 33045 

Dec 335.45 33640 33360 33340 

Mar. 33830 33860 33660 33660 

Arne 34110 34L40 33940 399.40 


Close HMt Low P tee. 
Sept 226.90 22740 p Pl. f ft 2Z3.90 

Dec 23L40 23050 227.70 22875 

EtoinM tabra IJta CL3Z4) 

Pterions day's open 1st 6,928 8*955) 


THREE-MONTH EWOMLLAR 

Slat potats of 200% 



Close 

Mgfa 



SepL 

9270 

9272 

9267 

9269 

Dec 

9237 

9209 

9230 

92J3 

Mata 

9L72 

9X75 

9168 

9U5 

Jos* 

9X45 

9L48 

9X42 

9L48 

SepL 

9X21 

9L23 

9123 

9X23 

Dec 

9131 

— 


9UU 

Mar. 

9032 

_ 

_ 

MZjJM 

Jm 

9064 

— 

— 

9661 


Estiaateti wfame *382 19t0D» 

Pterions (fa's open ha. 33,468 02610 


US. TREASURY BONOS 0% 
SU8600 32nd> of 100% 


Close HU Low Pie*. 
Sept 87-19 8740 874)0 8740 

Dec 86-22 8623 8640 8644 

Mar- 86-26 - — 8548 

Estimated Volume 7,617 (9,370) 

Preetous day's open tat 4JU7 (6^53) 

CURRENCY FUTURES 


POUND-f (FOREIGN EXCHAIKE) 


Spot 1-flUh. 3-ntiL 6-mth. 12-mft. 

164Q0 16362 L6Z76 16163 LS990 


IHM— STERLING to par £ 








*■ 


B F-’u ■- 1 

W V 1 


■ F.Lltl 



m 


BT1L11 



Am 


Bum 



ijj-V.-.'l 


UFFE— STERLING £25400 S per £ 


Close High Low Prav 
Sept 16388 16385 16300 16287 

Dec 16267 — — 16156 

Mar. 16160 — — 16048 

Estimated votame 6 (2921 
Prestos (fa's open tat 893 (906) 


MONET MARKETS 

UK rates 


FT LONDON INTERBANK FIXMG 




0130 m Sept U 3 mrntis UJ5. Mb re 

| 6 months US. (tabs 

DM 7A I after 7£ 

1 bid 7 A 1 

teler 7 A 

The fixing rates are the aritixaedc means, rotmded to the nearest one sfeteenft, of the bid and' 
offered ratesftr SUhn (tooted by the martcetto ftw reference banks at 1X00 tun. each working iter.- 

Paris and Morgan Gsoraty Trust. 

MONEY RATES 




INTEREST BATES rose in reac- 
tion to UK tirade fignres but eased 
back in the afternoon to finish 
unchanged from Friday’s levels. 

A f310m current deficit was not 
greeted with any e nthu s i a sm but 
much of- ita impact had already 
- been discounted and with sterling 
. finishing on a strong note so any 
tensions within the market evapo- 
rated. - . 

Three-month in te rbank money 
was quoted at 10&-10& per cent 
briefly but came back to finish at 
10A-10& per cent which was down 
from IfifeUBfe per cent on Friday. 

Overnight interbank money 
opened at 0H4H* per cent and 
eased- to a low ef 7% per cent 
ybeitireflnfehingbid at H percent 

UK dearing bank base 
lending rate 10 per cent 
: since Angnst 7 

. lie Bank of England forecast 
“ a shortage Of around £200m with 
factors, affecting the market 
including the repayment of any 
late assistance and bills matur- 
ing in official’ bands together 
with a take up of Treasury bills 
draining £301ra and Exchequer 
transactions a further £200 L- 
These .were partly offset by a 
.fall in the note circulation of 
£230m mid bank’s, balances 
forward £85m above 


•: .7 


The forecast was revised to a 
shortage of. around £250m and 
- the Bank gave assistance in the 
morning of £lB3m through out- 
right purchases of £8m-of eligi- 
ble bank bills in band 3 at 9% 
per cent and £185m in band 4 at 
9% per. cent 

A further revision took the 
forecast to a shortage of around 
£400m before taking into 
■' account the earlier-help and the 
Tfawh gave additional assistance 
in the afternoon of £Sm through 
outright purchases of. eligible 
hank bills in band 4 at fl% per 
cent . . ■ _ 

Late help came to £lSSim, mak- 
ing a total of £3S3m. 

In Frankfart the Bundesbank 
offered to provide fresh fluids 
for the money market through, a 
35-day sale and repurchase ten- 
der at a fixed rate of 3.0 per 
cent Successful applicants will 
receive their allocations today. 
The new offer coincides with a 
maturing 28-day facility which 
vriil drain DM S3bn from the 
market Most dealers expect the 
Bundesbank to replace most of 
the money leaving the system in 
order to allow short term rates, 
to ease a little more. Call money 
mas quoted at &85*3.05 per cent 
down from 3.94.1 per cent on 
Monday as end of month strains 
unwound. . . 


NEW YORK 
(tantthtfmcl 


Treanny 8Hts and Bonds 


Bntor loa rate. 

F«dL fin*. 


Frifataratattntrifan _ 



QmbxoA _ 

5.75 

rarctygar - 

824 

8fa 

8-7\ 





Staraocdti 

633 

Seienyew — 

680 

6U 

Oneyeor-. 
Tneytar . 

— 74& 

7.96 

30w 

906 


Septentaer 1 

Owrafet 

One 

Month 

Two 

Montis 

7hre« 

Months 

at 

Mentis 

fatabuf 

Mereention 


WA 

5*r5>4 

33438 

HW2U 

3354.95 

330430 

335400 

435430 

53 


7A-7A 

3*8-3*, 

5*r5U 

3-7168 

7fr7a 

78-7)1 

8Aj8A 

7b 




- 

5V5% 

— 



_ - 

3-718X3 










330 




ULAU 



Drifts 


9V-ft 

9VM, 


10*2-134, 

~ 


LONDON MONEY RATES 


Aag.29 


Uerbank , 

StafingCDi. 


Local Anft^ar Deps. — 
total Aodnrfor Bomb 
DtetmiMklDcos.— 

CaoyaqrDapotits 

Ftanot Haase Depodti . 
Tr*uwy BffislBujr) — 

BmkmsiBf} 

FtaTriNif BINS (Buy) _ 

DoBorCOi. 


SDR Unfed Dqntfe 
ECULMedDqrarils 


0i»- 

7 Says 

Month 

Three ' 

* ax 

0 M 

■fgbt 

notice 

Montis 

mmm 

Year 

11-7*2 


9B-*a 

intern 

ioa-io% 


v* 


V 

10A-10A 

10% 

lOVIOh 

3? 


1M 




— 

— 



9a 

10*2 

10% 

U 



*>% 

m * 

10% 

11 

•Wwre 

m wra 

9S 

93 

— 


•mm 

mm 

9a 

to* 1 


— 


mmm 

Mi 

10% 

,,io% 

— 



735-730 

715-7 JO 

740-735 

7.95-7.90 


— 


6i-6d 

7V7% 

ftfl 

7>r*% 

714-74 


Treasury Bite CsriU; ooB-fnooUi 9i? per ctrtt; ttWMKWtts 9iiper rant Bank Bitli fseni; one- 
roootb 9% per cent; three worths 10 par cent; Treasury Btib; Average tender raw of dheami 
96670 px. ECfiD Ftaed Rta* Eteriwg Espwt Fraance. MafeopdayAwua 28. 1987. Arad rales 
hr parted September 23 a October 25 19B7, Scheme I: UJZ4 px, Sdwnes II A III: 1L31 px. 


tnxp wieuiMH uepaw hbib tor sane at sc*«n aw. 

CerUMegtes of TaDepatit (Series 6); Depoih 0OQ6OO and aver heMutriUr one aanft 8 per txm; 
one-ftree nwniNs 84 per cent; titrea-ii* months 9% per cent; ifc-flb# memlu JD per egm; iNne-12 
morttitt VPt pw *«; Under 000/100 S ger cent Atm Aagicst 39, DepoSri* taftiuftwao tar cask 5 
par ceaL 


r 


West LB 


31 



Fixed Income and Equities Trading - 
for dealing prices call: 

bosseldoff Westdeutsdre Landesbank, Head Office, P.0- Bqx 1128 
4000 Dusseldorf 1 . International Bond Trading and Sales: 
Telephone (211) 6 26 31 22/8 26 3741, Telex 8 581 881/8 581 882 

London Wfegttteutscfie Landesbank, 4T,Moorgat6, London EC2R 6AE/UK 

Telephone 0) 638 6141, Telex 887 984 

Luxembourg West LB International S.A., 32-34, boulevard Grande- Duchesse 
Chadatte. Luxembourg. Telephone (352) 4 4 741-43. Telex 16 78 

Hong Kong Westdeutsche Landesbank. BA Tower, 36th Floor, 12 Harcourt 
Road. Hong Kong, Telephone (5) 8420288. Telex 75142 HX 

One of the leading Marketmakers WestLB 

Westdeutsche Landesbank 



Company Notice 


KOMMUNLANEINSTITUTET AKTIEBOLAG 

7h% 1978/1993 UA 15JOOO.OOO 

Oo Abohi 2Q, 1987 Bata far tbe BtwtBt of UA 1^75400 few been ifrawti tar mtafatloa in the 
presence of a Notoqr Ptibdc. 

Tbe Bowls *81 be r edee ma ble coopan due October 12, 1988 and follow*) at t a ch ed on and after 
October 12, 1987. 

The drawn Beads are tbOft, NOT YET PREVIOUSLY REDEEMED, induded In the rata begtantag: 

H 1546 to to 3008 taeL 
AmowN ( Xfet—n g : UA IjbSDfKO 

Beta pmkwfa O aw n and not yet presented tar redemption: 


60*8 

to 

6050 

tad. 

60D 

to 

6083 

tad. 

6087 

IB 

6030 

tad. 

6117 

to 


tod. 

6127 

to 

U50 

hcL 

610 




61*8 


6130 

tad. 

6188 

u 

6191 

tad. 

6212 




6222 

ma 

6223 


6226 

to 

6230 

tad. 

6236 

n 

6238 

ML 

6257 

to 

62S9 

km. 

6*87 

M 

6*88 


6500 


6502 


650* 

Is 

uai 

tad. 

6530 

m 

6637 

tad. 

6546 

m 

tsm 

tad. 

686* 

w 

6539 

tad. 

636* 

to 

6573 

tad. 

6576 

to 

6581 

tad. 

6592 

md 

698 


6615 

to 

6623 

hcL 

U69 


6671 


6MS 


6TO 

tad. 

6712 

md 

6713 


6755 


6760 


67SS 

to 

*797 

tad. 

6030 

la 

6060 

tad. 

Tin? 

to 

7028 

U. 

7049 

Md 

7050 


7179 

to 

718* 

tad. 

7780 




12793 

to 

12795 

tad. 

ITfWl 

to 

BUS 

tad. 

13336 


13539 


13672 

to 

13674 

tadl 

















1 9 ■ 

555? 

Lm 










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OFFICE PROPERTY 

The Financial Times proposes to publish this survey on 
FRIDAY ZB SEPTEMBER 1987 
For further information contact: 

Jonathan Wadis on 01-236 2825 
or your usual Financial Times representative 

FINANCIAL TIMES 

EUROPE’S BUSINESS NEWSPAPER 


Tbts announcement appears as a matter of record only. 


Midlantic Funding Corporation 

Unconditionally Guaranteed by 

midlantic 

CORPORATION 

U.S. $140,000,000 
Facility 


Lead Managers 

S.G.Warburg&Co.LtcL Swiss Bank Corporation 

International Limited 


Senior Managers 

Australia and New Zealand Banking Group Limited Barclays BankPLC 
Den Danske Bank, New York Branch 
Tbe Mitsubishi Bank, Ltd. 

Soci^te Generate 
Swiss Bank Corporation 
The Tokai Bank Limited 


The Fuji Bank, Limited 
The Royal Bank of Scotland pic 
The Sumitomo Bank Limited 
The Taiyo Kobe Bank Ltd. New York 


Union Bank ofFinland, Ltd, 
Grand Cayman Branch 


Managers 

The Bank ofNova Scotia Banque Nationale de Paris 
Credit Commercial de France State Bank of New South Wales 

additional Tender Panel Members 

Credit Suisse First Boston limited Merrill Lynch Capital Markets 


Morgan Grenfell & Co. limited 
PaineWebber International 


Morgan Stanley International 
Shearson Lehman Brothers International 


AuppstI9H7 













































WORLD MARKETS 


FT-ACTUARIES WORLD INDICES 


Jointly compiled by the Financial Times, Goldman, Sachs & Co., and Wood Mackenzie & Co. 
Ltd., in conjunction with the Institute of Actuaries and the Faculty of Actuaries 


0 Financial Times Wednesday September_2jfl87 


FT UNIT TRUST INFORMATION SERVICE. 


AUTHORISED 
UNIT TRUSTS 


NATIONAL AND I TUESDAY SEPTEMBER 1 19B7 

REGIONAL MARKETS tuesmt a 

Figures in parentheses US Day's Pmd Lx* 

stow mmtar of stocks Dollar Change Seding Curarey 

per grouping Index % lade * 

Ausralta(931 — 16*61 +1A W.91 

Austria (16) 97.11 -03 8779 H.42 

SSmCZZ 132-90 -01 12005 1*L22 

rBlS> 137 J1 -03 32M9 m2 

Denmark (39) 12238 -03 m39 11658 

France 021) 1M50 -0.4 U»51 M8.B 

Wea Germany (92) 109.93 +06 ,9466 9837 

H«w Kong (45) 14736 +13 132.95 lf7.40 

IrdandOO) » 14331 +05 12955 137.46 

Ratyf76)„. im ... . 893b -0.7 8069 87.49 

5y>rnm ~ : lszoa +oo 137.49 13037 

MgSjqa mz 17L90 -3.4 15SA0 16634 

M®toQ4) 37058 +3J. 335m 607.97 

N«beriareiC37).- 129.44 +06 22762 22064 

N^MtodGM) 12469 +06 UUI 1059 

Norway (24) 27460 +01 15730 15739 

SS«(27) 16510 -26 14925 16000 

SAftaCUlZl 1B1.72 +22 16428 23534 

C ™.— 15969 +06 14436 14765 

StatenO* 12730 +06 3I5OT 32020 

Switzerland (53) 10839 +03 97.98 10036 

ffiwSto(333) 15230 +13 13768 13768 

USA (589) 13224 -1.9 119-46 13214 

~ 127.41 +0 J 12528 11663 

Padfic Basin (603) 15234 +06 13733 13723 

Euro- Pacific (2612) 14238 +03 £&» 1£J3 

Norm America (718) 132.44 -13 U3.T3 132A2 

Europe Ex. UK (596) 11197 +03 10132 10587 

^E^Jap^sTTZIT IM +0.9 139-42 1«6£ 

Work! Ex. US 0816) 142.79 +03 129-09 129.96 

World Ex. UK (2072) — 33739 -0.7 12422 13031 

VVwMBuS0.Af.C344) 13834 -03 32566 330.91 

ZS BuSan QW) 13228 -03 11950 12834 

The World Index (2405) 13862 -05 12531 130.96 

Sacks & Co. Wood Mackenzie & Co. Lid. 1987 

The be «t prices for Inland awe not awflaWe far Aacng 31. . UK and Haw H°"9 ■”***» i 


MONDAY AUGUST 31 1967 

US 

Ddbr 

Poond 

Sterling 

Local 

Currenqr 

Index 

Index 

Index 

16139 

14&47 

150.92 

773b 

8837 

9135 

mfl 8 

12038 

12435 

mi* 

125.40 

132C1 

12323 

11134 

116.98 

114.98 

10435 

10907 

10427 

94.64 

9817 

24522 

13L80 

14538 

14261 

129M 

13707 

8988 

BL58 

87.94 

152.14 

13808 

13851 

177.91 

163-47 

17241 

35927 

32607 

58409 

12*71 

11882 

31934 

12425 

11322 

10905 

173.74 

157*9 

157.41 

16952 

15186 

16454 

177.74 

16132 

13636 

158.71 

14405 

14663 

126A0 

114.90 

119147 

107 £1 

9705 

9976 

15030 

13642 

13642 

234j68 

12224 

23408 

12651 

15219 

11422 

138.13 

11734 

13723 

141.99 

12807 

12932 

33427 

122t41 

13456 

121.75 

10L43 

imv, 

15226 

138.74 

14534 

14239 

12923 

12978 

13829 

12531 

13134 

13930 

1X.X 

J3L73 

13325 

120.94 

229.41 

13935 

126.48 

13100 


DOLLAR INDEX 



HH 


UU Wb.9 
HltZ 
065 


Aetna BuR Trials UflUXkXc) 
401 StMi 3*. Lade* EC1V 4QE 

ucml(S«u- m3 

HiteYten 4U, 

IMwW 197.2 


UasalHS) 379.7 

P lW — « 124.9 

ItonUdi) MLO 

Hinted Cm RU 

ItasiUMU 5HO 

SosflwCBS.Wr. 10*0 

ItanlMH 12SM 

taUISKs— M7Z 

Otaa*lMBJ HOB 

tiKOremk _ AbbO 



: bQMw 00 All** 3L . 


BASE LENDING RATES 


Series 

COL 0 C WO 
GOLD C $460 
GOLD C S490 
GOLD C 5520 
GOLD P 5420 
GOLD P 5440 
COLO P 5460 


SILVER C 5»0 
SILVER C 5650 
SILVER C 5700 
SILVER P 5750 


VoL 

12 

Last 

28 

V0>. 

2 

Last 

38J0 

Z7 

18 

38 

2750 

122 

950 

28 

21 

114 

410 





10 

3.40 



— 

116 

4 

fe.50 

15-50 

50 

20 


Mat 86 
VoLI Us» 


Sep 87 

6 I 200 


Set) 87 
420B I 
Dec 87 
4*0B | 

So 87 

"I 120 

40 070 

239 2.7Q 

10 1630 

20 yi to 


FL200 — — 

FL205 32 4 

FI. 210 10 230 

FI-220 — — 

FI 330 030 — 

FU95 2 130 

FI .200 15 330 

FI 205 13 530 

FL220 10 1630 

FL22S 20 2L20 


8 125 

2 8b 

30 60 

Oct 87 


Oct 87 

28 530 

24 230 

15 1.60 

4 330 


27 1 830 
USD 560 


%. 

ABM Bari 10 

AtniCaam 10 

AfiedAiabBkLtf 10 

MMDMar&Ce 10 

tfedlrfrifeft 10 

AnemaeEipLBk—. 10 

AnoBart— 10 

HsTAotadcr 10 

AKZ Basting Crap ID 
AattBCvCap — X) 

Mod) AGs lid 10 

BrodeBffat 10 

bfcRapota 10 

MkleaddnO 10 

Baric Credit £ Coon 10 
BrtriCHMs — ■ — 10 

BakrikeM 10 

SttrfMa 10 

Baric of Sotari 10 

BaeaeBriaeLri— _. 10 

BrtzpBa* 10 

BmtafcTfllM 10 

BeadkiriTiatlri 11 

Berber BtoAfi 10 

BitBktflUEad 10 

• foMSUfe 10 

Betas Ifcge TV 10 

CLMMerM 10 

CndaPereoMri 10 

Cqarltd — 10 


CMUentorisBak 10 

OtfaNeBa* 10 

Cm.Bk.JI.EiBt 10 

CenoiifcdCred 10 

CocpariireBari .*10 

Cff ie ftp da rBc— 10 

Dncantarie — 10 

Equfril TstC'ppk: 10 

BeterTnstLri. Ida 

Rstori&GexSec 10 

ftttfcLftLfep 11 

RnttfaLS^Ud 11 

• MatHtarig&Ca 10 

MritFrareAPn — 11 

fink* 10 

frodbpBa* 20 

HFCTre>&SM9_ 10 

• HatoaBWt, — 10 
Herit3rie&C<9.TX. — . 10 

• HBsaoeri «LQ 

C-Hoare&Co 10 

Hngtoa&aa*_ 10 

UojriBz* 10 

Bt^ri&SoeUd 10 

HfctorfBa* ID 

• MayaSrerief 10 

. UcuCreS.Carp.LM-, ID 


NNBLtfKin* 10 

tttfe&talr 10 

tatoa Baric Lid 10 

toUhCHLlM— . 10 
PKAnB-MMO— Ida 

PretoiriTnriUd U 

AtodMASu 10 

Rstagfc Prater ld2 

Royri Bkof SaatiaU 10 

toriTnriBak 10 

MhAmraSn. 10 
SM*dCtatad_ 10 

TS8 ! 10 

UOTMortMEER) fill 

UafedfikorKmft — 10 

Doted Iferrii Baric 10 

OdtrTiUHO 10 

MttnTiU 10 

VeripKtok.Ckp— . 10 

BUeauLrita ldj 

YUshre&rit 10 



its PtX (aX0) 

avSRlUL 

DeaBag (Q799) 610366 


&1 2*3 
SS 1 *2$ 


__i 4J7 
4JJi L77 

33 1A2 
33 L9» 

33 LD9 

33 2J* 

33 0.47 

-Z3 uu 


Ltd 

01-377 DUO 

I 05 

mj 03 
HU 54. 


Bnmn SMpley A Co Ltd MW 
9-17 Pernraoea RA Hay*anii Htb *e*«22HOW5 
RS. PortW«Frf— — 111X4 UOiaffi LzJ Ub 
at iin-p n ^ tq?3 »*3 Mb 

JB SS 

Utetariaa— d jjj, gl g gg 

aae |S3 (t) 0.W 

55Sfa««^riSip a an 

SI 

ByeOBrt Mt Trait Mgnt tU(«Xe)tf) 

SaiSE=M"“Ve 

Beckaaster Ma agemtot C8 Ud WW 
TTi»StsckEatoae.LsrereEC2P2JT 0.-58 13(8 

ssa&w-^ss m = « 

laaanAeettJtZTBOJ 1»| — 4^ 

lasaiaEm ra = s 

UenMMRJUU 1333 u—2 US 

tompa Uoft Trust Map ri Ltd 

WFataUSLUttUECMML 01-480 7216 

5hartM6BtAFi 1496 SOfl rilll ISO. 

CCL Uatt Traits tiaitad 

asss=ar"H ■aa 

CS Fund Kip y ft Lbatsd 
12SWritHribem,LeadeaWav6PV at4WU« 
CS«™rkaW -- 452 -Lri O.W 

B tia en a tlBinl Furi-JtgX 6tS -L« L71 
5 m aw-' — _JnOJ 1173 +53 0.0 

CSPMfc«eUMZj9L9 97 JM 265 

Cuudi Ufi Unit Trot Mogn. Ud 
26mri»Sr,Pi«e»8*r.»a« . omoxB 

Cm.Qn.DtX. ZJlgJ mjri -a*f 146 

Dtt.C ^>. ton . . -_|2sas 2633 L66 

Ehai BuJES sra -aO — 
ruun Fond MaaqtnUd 

1 Oteta Vtey. ** * ** * HA9 ORB 

g iSSS_taM 

S5 ^ — ffl mS 1 SS 

SS T - — Sj « 

bara*mcBa>i-=3e5 « -JUO 
Cad (James) VdffL Ltd 

CUU Hosse Unit Trust Mnsn - 

caatal Heme, tad Sqnar* BM«* 

031-228*477 DbUiw 0600 833561 

Ei^com UnwtTi TuLdJSA 27^ -Oj] D.« 

g 98 

JnCramw — Z3J s4 -tool n« 
N.*Mer6ro«MsSiJ_ 2bJS ari -53 
■I— rilg H3B 26.7* -J 2U 
Cut. Bd. of FhL.ot art of E uM—dtt 

2 Fore Street LondMECZr5AQ , Ctt-5881815 

\rj?£%jr=r W f3|# 

DcrNJoi3i — -J toaoo I a* . 

CtetaRrCtartatart# 

33 IQap WUflmi Street EC4R9AS . 10+385678. 

SB&SSS S5 I E3IS 

Charities Official lowest. Fnrit 
2 F« street Undaa EC2Y3M . 01+BBUZ5 

■ jar 31 azj.W I _T XW 

I Jd 31— . - Hj 163502 I ZJ — 


p a c itft tawriM”* 

F4^o®Jtaw — ia 2j — " j 

l#!ESXKsr.'£j t ^ --1 

FBcmraAa m r ca a H63 — j 

FACScariEagflB«-J2aZJ 

fS Inwesbaerit Uvaqm Ltd 
190 Writ fiwreeSLCtaflU anal 

AnoncbOLMe H£ ^ 

pn. rim- - tHM S-a j;; 

f?8ltacedfi-diFd_. 817 M 

S»7=L=:g M * 

S-ifS3iFdZzr|| m « 

DsCAccgad 66.9 TiJ 

SoibCAN 9SO 1DLU 

Da (Icon) -j*8 *»“ — 

FUeSv Imrestsmt Serrices Ltd 
IftZuU. TaoWdae TN9 UY 


^tfW> 

068 Wdharit 

L35 £5»*rC» 


1799 W 

H J 

103S 1U 
997 1M 
SU 268 


Hsawss UflN Trust Jtougen Ud 

as 



aa tag. 

ujoMffe lhA Trait Mmif nwiri t o ute d ' 


m Sanori IMt WtoitWW 

RLA Tcrnw Addiraeto ^ (^©2 OW 


Robert Fleming & Co Ud 
25 CnpduS An. London EC2R7DR 
taiEmaamr— . raw {• 

iMoo 

P^TnBttZSOlt— J 



NLA Toner Add 

(hi BritWiTnoi— 
“CWMJ?- 

t|l OolWTnoL— - 
SlFlaunlTivt. 

tai cm Afl* «6 

(UIWYMdTst. 

(UMceeeTnat— 

(aiMTITiwd 

Si JwaaTecOTX. 
til Mt. Baoncs 
WStaeftrJmtt. 
(ritorigCoiTii 
MSp n-SfcT d. 

torus Soar Css 


181 Food Ma na ge r s Ud (a) 

36Crie«B5L London E04R1BK 

IBifraxO'cn H2&* v , 

IB) ricPtoT*_ I0Z-* J 

INIeeTM (9J3 » 

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* • 
: ■ 

VT 

j .to 

r„* w «. - 

jf'* m '( 


>j* - 

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RsOert Fraser Trust Mgt. Ltd 

sssssrass. »9j.“^^ 

Friteris PravMeat UaR TririftstoMbXcXz) 

Castle Steel, Srtstav,, UWs, Tek 0722 336242 

sa zdis 

Jffi = 8S 

2401 A49 

SCSI 0.94 

156-1*1 1-16 

70.3 020 


LAS unit Trust Managers L» 
©GeoraSLErifltertiEHZaJL 

UUIriLGrertiTU tu nj 

uSwAMiTn- 773 "?a d 

LASILAMricHEanu gd gJ 

isasE=|j H 

tflSFa-F** 1363 273 


L & C Unit Trust 

PMity Hoaae, CcpIUa | 
13CIK.W 


- 


UCIad&GcBFd 


EC2R7BE J 

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UmritaR Writ Tst Mr 
16 Bodflo^aa Gate, L«tol 

BWMWL IW23 

. J«-9 


Prints te Court* 
a6FWtenSq.EC2A 




& Co Ltd 

JEE2P2HT 


Aadbony WWtr iMt Ttt. 

MWMesawSt, Loedsa □ 7HP 

S5^^zdS23 . 

P Mu aat , agFd jgi 


Antaay UnN Tfet Mgs. Ud(aXe) 

31 San Street, Loadon EC2U 2QP , 07084S3ZZ 

a eii 


PO Boa 16. Criwaa Sl Lsodoa K2P2HD 
01-726 7709 

a^Sr-«Ji5 S| 

R«n6« Paw. Brtscd B520JH jsi 
AantaiBraatti J274 29Jt 


\JQ 6647 

US 

SA3 


— \ OH ^«u«bMikWaaod(l>ttrMaari 
13.:- B. A A. Trust U) (a) 


• Wearies of tte Accepters 
Houses C omriu ee. *7-da, 
deposits 596. Sw a uhe 7A696. 
Top Tier— £2500+ at 3 moritrf 
ootme 93196. AC cal etou 
02000+ retaas deicrited. 
1 Mortgage fca» rate. (Demand 
drink 4.98%. Mortgage 10596. 


ABN C 

ABN P 

FI 52 
FI.44 

& 

150 

050 

171 

320 

59 

430 

FL50.90 

AEGON C 

F1.90 

ISO 

420 

17 

7*0 

— 


FI-9150 

AEGON P 

FL95 

57 

5 

154 

7 

9 

7.40 


AHOLD C 

FU25 

—7 


26 

439 




FU07 

AHOLD P 

FI -100 

11 

LBO 



— 

— 


AKZO C 

FUW 

410 

2.40 

86 

630 

7 

10 

FU75 

AKZO 9 

FLUO 

135 

330 

48 

7 

2 

830 


AMEV C 

AMEV P 

FL65 

4b 

1.40 

94 

3.908 

20 

530 

FL6L40 

FT 55 

65 

4*0 

39 

530 

-0 

. 


AMRO C 

FI .90 

157 

2.40 

121 

530 

3 

720 

FL88J0 

AMRO P 

FT.90 

59 

3*0 

21 

5 

— 



ELSEVIER C 

FI-60 

232 

3.90 

23 

6*0 

— 

— 

n*o • 

GI5T-BR0C-C 

FI.50 

441 

1*0 

113 

3*04 

32 

530A 

FL47.90 

GIST-BHOC. P 

F1.45 

?i 

0.90 

272 

230 

— 


* 

HEINEKEN C 

FL190 

7 

87 

13 

18 

1730 

FUB930 

HOOG0VENS C 

F1.45 

76 

5308 

20 

7308 

3 

8*0 

FL48UD 

HOOGOVENS P 

FI .45 

107 

1 

47 

230 

— 

_ 


KLM C 

Fl-55 

282 

1*0 

435 

3.70 

84 

5*0 

FL52-50 

KLM P 

R55 

261 

330 

39 

4.708 

— 



NEDLLOVD C 

FL20O 

40 

330 

11 

9130 

6 

1430 

008030 

NEDLLOYD P 

FU70 

96 

530 

5 

1030 

5 

1430 


NATH ED. C 

FL80 

505 

220 

329 

4*0 

3 

6*0 

FI.77.40 

NAT. NED P 

FI.75 

139 

1.90 

7 

2.60 

— > 



PHILIPS C 

FI 55 

305 

UO 

101 

280 

75 

3.90 

FL52S0 

PHILIPS P 

FI -50 

186 

0*0 

34 

210 

4 

3-106 



llOreXUaadcaeittOSAIf 0U-8SQZ42 

ssassssssidi 1 ^ tass 

Asset Unit Trust Msgn Ltd 

PIVUMs^ FxadarriiSt LnukuECS 04207231 

id SS 

Atlanta Urdt Mangos Ud 

LkiKls Mari, 2 IM Sl LoaOD 5E1 280 01-232 1415 

zzst=m .n = H 

ittutuiitn jo^i 4$J 

MmFdbTU 1503 1617 LSI 

VmlMC 2Z7J 2M.5 131 

AMXbua 3*2 961 333 

UlMi PSU FJ 66.1 TQJ 06 

AMauafeUMJeU Sri _J 43 


BriBe Bftotd A Co Ltd 

3 GCenteta SL EdMMb 

•bri EsUdr 1 (5024 

Ju M tag 26 LJ 5*36 
IMEaMiatl — ZJffiU 


-ori on 

IS H - S | 

uiir^MbiMa — 3 qj 3LS 33 43 

GeXFMtKtac Z3X 25_T] ,J_J U 

• na i eii I 273 ai -tt3 « 

Jamtenrtr ei? -*£9 OB 

rSi>«(En>aiTiBL_ k* S3 ^3 u. 

sSSisn — —ZD 4+7 es3 +53 ur 

rourrial Briqn Tint IfaMgm 
S. 1 Ondantt^j, EC3P3D8 Drains Ca+d6 

- l ei m da 

g^r— — fta - a =; ffl 

CUWcrtMrSprcSre 6L6 UO 

Dotcom S7 . <A4 LOO 

OlCaumW.. - 473 n| 009 

Dollmn— 1*73 SOS DD (Uf» 

CMriedentou Fata Mogt Ud CO 

90Q—giyte»,WC2AlHE CL43B4DW 

r.aaerit 1 — 37+ svri -ojf jj 

SSilSfczSi 3 3-3 

^ 3 

^SMtSrfnrtMnws Ud* “ 

PO teat 132 BedataOCeet8IS4Xft l 01-6SB96U 

UKEtaUc— -- _im BLd 33 


B. A A. Trust Ca) (g) 

4 MtfrrieCraari. Otairit 
U* l_ll720 


TOTAL VOLUME IN CONTRACTS; 30KO4 
A=Ask BkBM 


C=*CaU P=Put 


FT CROSSWORD PUZZLE No. 6,419 

HIGHLANDER 


4 . 

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7 

m 


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■ 


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11 

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13 

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122 I (23 


ia< H2S | f» 


ACROSS 

X Square peg in round bole, 
for example : dab dry 
tt.3.2, 5) 

10 Put underground during 
wintertime >5) 

11 Poker is one where one has 
to get rid of clubs (4.5) 

12 When amounts are added on 
for trial sessions (7) 

13 Walked horse round very 
quietly (7) 

14 Tense chosen at random (5) 

1C Take a walk by the sea — ^and 

please get changed (9) 

19 Old queen cries out for 
something to develop mus- 
cles (9) 

26 In diplomacy one is taken for 
granted (5) 

22 Confer record on American 
vessel (7) 

25 Leave is interrupted by 
terrorist deed (7) 

27 Take a chance coming by 
river <9> 

28 Avoid putting notice in the 
day before (5) 

29 Individual debts are 
involved in this type of suit 
C6-8) 

DOWN 

2 Gallery goes under during 
setback, leaving nothing (9) 

3 Sound frequency causes 
aural discomfort (5) 

4 Opens up international 
organisation which takes 
firm measures with printers 
(9) 


mm 


■ 


m 

□ 

ffi. 

i28 

rr 

m 






n 

n 


i-.rn 

■ 


5 Chelsea exhibitor risks 
showing iris variety (5) 

6 Colourless needle-fish (9) 

7 First of the impoverished to 
rise up in a body (5) 

8 Note is about outstanding 
balance (7) 

9 Reptile found in Cornish tip 
(6) 

IS Ignoring English, cannot 
rule change at night? (9) 

17 Carry on, said Sir Biakeney, 
change course (9) 

18 Make fast time to port (9) 

19 Upright courses of action 
finish top (7) 

21 It's fitter perhaps on top of 
loaf in London (6) 

23 Pythagoras’ conclusion on 
plane figure is thus (5) 

24 It produces small explosion; 
not impressive if damp (5) 

26 Host will provide iron (5) 


Solution to Poole No. 6yU8 


£Mr.rif-ir, urTrj&irariHE'j 

n b □ ■ s n n e 
H annon sragpiganQ 
a n a r □ n- g • n 

1 'Cl S El B E ft 

QGSE2 nassnsmara 
m n ti a g - □ 
EGGagnnflfis -• rsraaa 
□ q a s s -g- n 
Koaanm rcwaEQGag 

n - e -n- a. h k n b 
ogamBnae sgrasas 

33 Q'B 9 B 3 □ 
sasnsci E73 asaag a 


London, 27 & 28 October, 1987 

The profes^ona! personal computer business, now 
firmly established os a major industry In its own right, 
is going through major changes driven by commercial 
and technological pressures. The Rnondal Times Fifth 
Professional Personal Computer conference wifl 
examine these changes in the fight of recent 
developments which ore now presenting 
manufcKtuiersand system builders with new 
challenges and opportunities. 

The authoritative panel of industry leaders 
will indude; 

Mr Brian Utley 

Group Diredot Work Stations 
IBM Europe 

Mr Eckhard Pfeiffer 

Senior Vice President, International Operations 
COMPAQ Computer Corporation 

Mr JimPManzi 

President & Chief Executive Officer 
Lotus Development Corporation 

Mr Thomas A Vbnderslice 

Chairman & Chief Executive Officer 
Apollo Computer Inc 

Mr Paul Helminger 

Managing Director 
ComputerLand Europe SA 

Mr Geoff Shingles, CBE , 

Managing Director 

DigM. Equipment Company Limited 


UK Emm Mil ffiU 

KmalEaeMfcgl . mfl 
U nrtlKIlolP- 5721 
tefmiUKSrilU. — 3643 
■C t-r— 2*73 

ri temi; ■■ ira 

MTwSrdog. 2253 

gSSSissr=:lgi 

REM— 1273 

KCH>AG«m 712 


toWc Ttort Mtaisi i m 

aocMtaiSLUtailayfTY a-: 

ag g w -=l M l 

1 673 722 -C 

- hrawWoKttTS — _J7U ,IU 4 

tentaal T« — _J U9A UAI 4 

JtaAGtMnl JIM WJ 4 


i Rvetags Uakara LWMfcXg) 
lUcn Ho. 252 Rooted m, a 


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Financial Times Wednesday September 2 1887 


LONDON SHARE SERVICE 


AMERICANS — Continued 


1*7 

M* Im 


BUILDING, TIMBER, 
ROADS— Cont 


sua 



1*7 

Mffe Law 

437 278 
IbJfj 107 
Z75 73 

350 255 
127 115 
315 253 
260 1« 
142 68 

215 BO 
461 329 
£206 050 
729 Ha 


437 332 
B3 46 
7* 43 

180 156 

m m 

225 
547 
510 

125 

67 
240 
£44 

797 288 
183 72 

290 196 
432 269 
138 a 
*82 

SS Q 

290 

264 
380 
249 
337 
*153 

48 

*372 170 
306 182 

143 77 

255 75 

* 3b 
445 323 
326 223 
135 102 

435 155 

117 52 

496 204 
6 3V 
511] 20 
230 95 

265 163 

68 37 

260 3i® 
255 170 
105 50 

553 326 
301 204 

50 35 

195 133 
133 59 

63 41 
S3 SO 

182 80 

64 30 
<385 247 

78 45 

540 425 
245 157 

291 109 

264 187 

215 118 
156 98 

Z7V 35 

84 48 

503 289 
£281 09 

504 273 

146 111 
2U 

277 
113 
152 
437 

98 
185 
122 
587 
251 
ITS 
330 
225 
104 
195 

292 
76 

126 
126 
31 

180 
*297 
205 
390 
148 

91 
482 

98 
23 
248 
380 
35 
427 
IS 
•267 
•135 
547 
655 
344 
126 
130 

92 
336 

50 

278 170 

630 363 
205 87 

147 73 
441 

155 113 ' 
385 190 
6b 29 
3S 108 
406 268 . 
193 O 


22 3 A 
45 11 275 
41 L2 Z75 
qZ.7 Z6 195 
IB 08 441 
24 U 218 
L6 44 19J 
• L7 4 

924 M 188 


44 U 274 
28 20 
42 LI 
3J 20 
• 17 
02 2.9 
25 U 


60 51 

87 72 

934 579 
1271] 77ij 
236 10 , 
408 250 
£32% £20 ! 
120 58 | 

£26 08 
28S 95 

054. 

43 17 

161 113 
454 292 
318 162 
276 181 
156 76 

£325 
245 131 
106 23 

036 £95 

061 S33 

271 224 
211 159 
115 66 

258 176 
175 105 
170 92 

308 165 

70 46 

47 22 

204 80 

256 195 
321 184 
£1454 £0 
167 98 

2B5 108 
13 8 

191 58 

378 215 
•V»i 50 
605 225 
20 183 

331 UD 
190 66 

630 328 
275 123 
TO 245 
94 55 

210 79 

£22*i £U 

83 49 

123 37 

1* 108 
158 95 

fOh 29 
«5 35 
104 64 

220 160 

a&i m 

160 93 

300 iso 
TOO 415 
7b 48 
302 183 
353 223 
830 466 
Wi K 
555 258 
342 241 
«S7 305 
190 IS 
4% 347 
329 185 

"266 m 

360 IS 
577 400 
443 227 
ICO 66 
1* 75 

500 295 
X7i a 
152 a 


791 573 
334 224 
266 -66 
S 35 
660 387 
"4H; 7 

355 151 
138 74 

313 180 

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Financial.. Times Wednesday^ September 2 1987 


LONDON SHARE SERVICE 


CrrlertlWE 

-I- la* 


18 23 273 
- 152 


- u - 

63 02 — 
13 43 212 
LO 4.9 DU) 
6.9 07 208 
L2 23 313 
L2 45 253 
L7 33 194 
18 01 1361 

— 14 — 
23 U £73 
83 12 37 
02 22 07 
32 22 75 

02 — 
13 — 
22 3L9 
05 141 
13 - 
12 84 




it or pqrable on part of octal, ewer based 
! Redemption yield. f Ft* yMd. g Assumed 
ned Addend and yield after scrip kssue. 


Unless otherwise iodicatect, pices; aad art Addends aw in peace and 
dc r xvn ira tions are 25p- Estimated prtceleanilugs ratios aad com s « 
i*“ I based on latest aural reports and accomNs anf, where possMe, are 
lU ] updated on hagyeariv teres. PIEs m caiaihwd on "iW dbtrflwilou 
— I— I baskt eorongs per share being computed oa profit after ration and 
1 54 } mreaeved ACT where applicable; bracketed Soares indicate 10 per 
cent or matt tffiference H caladaied on "niT dEtrflmtioa. Com ■» 
based on " maxhi in " dfauttutkw; tMs compares job dhridend costs to 
laoflt alter t a xa ti o n , ere fa d in g ex cep t iona l p n Bate so lax UUeg 
estimated nstnot of oftettable ACT. Yields are based on middle prices, 
» vaa, attested to ACT of 27 per cent and dlow far uafae of declared 
dtarflwtJau and rights. 

* "Tap SadT. 

* Highs and L ow s parted Mias taw been adpsted to afcwfar rights 
Issues tor cash. 

Y Marini since increased or reamed. 

$ httnim since reduced, passed or deferred. 
s$ Tax-free to n w wesidesns on appHsation. 

4> Figaros or report awaited. 

V Hot officially UK listed; dealings permitted midrr Me 535(4Xa). 
USM; ita Haedtu Stock Exchange and enmpaigi act staJcOed to 
same degree of regulation as listed securities. 

n Dean in seder Rule 5350). 

* Price at time of suspension. 

1 IndlcaM dMdeod after peutflug scrip andfOr rights brae: cover 
relates to previous Addend or forecast 
9 Merger bid or reorganisation Is protpeu. 
f Not comparable. 

r Sanre Interim: retard Sol andtar redsced earafaps fadtewed 
Foreced Addend; cover on e arni ng s updated by latest Interim 
statement. 

I Cover allows lor cooversiori of stares not now ranking lor Artdeuds 
or ranking only for restricted Addend. 

* Corer does not ntiow tor stnresvirtfch may also raifc for dMdeod at 
a future date. No WE ratio usually provided 
I No par value. 

BSr. Betelafl Francs. Fr. French Francs, ft Yield based on aommtJon 
Treasury BIB Rate stays wKha u ged men maturity of aotfc. aA nwnMird 
Addend, b Figures based on prospectus or other offer estimate, 
c Cents, d DMdeod rate paid or payable oa part of capital, cover based 
on Attend on Ml capital, e Redemption yield, f Flat yield, g Assumed 
Attend and yield, b Assamcd Addend and yield after scrip tone. 
J Payment from capital sources, k Kenya, a Interim ttaxr than 
previous total, a Rights Issue pending, a Earnings based oa preRmirary 
Hgms. s Dividend and yield exefade a special payment, t Inflated 
Addend: cover relates to previous Attend, P/E ratio based on latest 
annual etu h gs. a Forecast, or rairarad wawalhed dividend rat, 
caver based oa previous year's earnings, v Subject to local tax. 
x Dividend cover la evens of 100 times, y Dividend and yield i—h on 
merger terms, r DMdeod and yield lactate a special paymen t: Cover 
does sol apply to special payment. A Net Addend and yield. 
B Pre f erence dMdeod passed or deferred. G Cantabm. E HUmo 
tender price. F Dividend tad yield based a progrectus or other offldat 
estimates for 1986-87. G Assumed dividend and yield after penifag 
scrip ondfdr rights issue. H Dividend and yield based a prospectus or 
other official estimates far 1986. K DMdend and yield based on 
prospectus or other oHIclal fstlimtr* for 1987-88. L Estimated 
annualised Addend, cover and pfe based oa latest anreaf unings. 
M DMdend and yield based a prospectus or other official estimates lor 
1985-86. N DMdeod and yield based op pro sp ectus or otto official 
estimates for 1987. P Figures based on pr ospect u s or other official 
estimates for 1987. Q Grass. B Forecast maiutilSEd dMdeod, cover aod 
pfe based on prospectus or aha- official estimates. T Flgmes assumed. 
ft Pro Forma teres. 2 Dividend total to dale. 

AMn ev tari ons: y£ ex dhridcmt m ex scrip Issue; » ex rights ** ex afc 
i* ex capita] distribution. 


REGIONAL & IRISH STOCKS 

The fallowing fc a selection of Regional aod Irish stocks, the tatta* being 
guCBrd in Ireh currency. 

Aflaoy1ov20p 95 (+2 Fn. 13% 9702 tUPgi 

Craig A Rose Q «38 +25 Antons 380 

FmtoyPto.Sp 111 -1 CPI HUgs 95 -1 

KoftUasISo 1005 Canal fads. US 

loMStw 173 DvblmGas ZB 

HaOdLAHJ 130 

HUSH , , Helton Kldgs. 55x1-1 

Fend Uti% 1988 JoMHt | Insa Ropes 215 

NBL99|%8«B9-J £971(1 — I Unldare 430*1-5 


TRADITIONAL OPTIONS 

3-fnontti call rates 


Bramah OH 
Cltanartudl 
Premier — 




































































































































Financial Times Wednesday September 2 1987 


Account Dealing Dates 
Option 

‘First Declare- Last Account 
Dealings tions Dealings Day 
Ang 24 Sept 10 Sept II Sept 21 
Sept 14 Sept 24 Sept 25 Oct 5 
Sept 28 Oct 8 Oct 9 Oct 19 
• New time Hearing* may take place 
from 9-00 am two bustaest days earlier. 

Disappointing economic num- 
bers tested the new-found confi- 
dence of UK security markets 
yesterday and many traders were 
surprised by the eventual out- 
come- A firm early trend— a 
reflection of the latest CBI survey 
of short-term optimism in manu- 
facturing industry— had given way 
to indecision before 21.30 am 
announcement of the July trade 
figures. A deficit of £310m on UK 
current account was marginally 
outside the range and compared 
with a revised June loss of £168m. 

Marketmakers reacted hastily to 


Markets 


LONDON STOCK EXCHANGE 

■ainift advance after trade figures 


led Jvanhoe Partners group which 
recently increased its stake in 
Newmont to just under 10 per 
cent Consolidated Gold Fields 
has a 26 per cent stake in 

Newmont 

Speculation centred on whether 
Consgold would accept the $95 a 
share bid from Ivanhoe. make a 
bid itself for Newmont or. as a 
press report suggested, Newmont 
could make a bid for Consgold- 
Dealers said overseas buying of 
Consgold. with emphasis on 
numerous US firms, was a feature 
of trading. Mtoorco. which has a 28 
per cent stake in Consgold and is 
ultimately controlled by Harry 
Oppenhei trier's Anglo American 
Corporation, gained & to £15iV- 

Sears, the high street retailer 


resume advance auer iraue 

provide a test for confidence 


435p in London, compared with an 
equivalent placing price of 20 D& 


Traded Options 


port lifted Enterprise a farther 7% 
to 315p and L&SHO 7*4 to 368p. 


turnover in traded options fell 
to the lowest level this year. Cafla 


The T. Boone Pickens-led totalling 12.613 and pats of 7,283 
assault on Newmont and snbse- gave a final figure of 19,876con. 


FINANCIAL TIMES STOCK INDICES 


Sim CompflaUoc 


Government Sec*. 


Find Interest , 


Onftntyf , 


17685 1 1522.7 


6(A) Mims. 


ttssttss-ifisi ax r ssm 

experienced a few weeks ago. 


Institutional investors, however, 
refiised to alter their stance on 
markets and suggested that a 
temporary hiccup in the forward 
momentum could provide good 
buying opportunities. 

Economists viewed the trade 
returns as slightly disappointing 
but not awfiil, bearing in mind the 


I63fep after a turnover of 2Jtm 
shares. The intial rise was in the 
wake of news that Australia's 
Robert Holmes a Court, via his 
Beil Group, has boosted his stake 
in the company from 84.73m 
shares (5.66 per cent) to 10&99xn 
shares (6.95 per cent). 

Dealers reported a disappoin- 


OnLDfcYfcfcf 

Ewrita||sYld.%(ftro— 

WE Ratio (net) (*> 

SEAQ Bargains <5 ml 
Equity TnmwerU-m)— 

EquTiy to|)d n ■ ■ - 

Shares Traded (n« 


125 3l2B 

7.99 &06 

1538 1524 

29.790 28350 

— 75M2 

— sum 

— 333-4 


328 32b 437 

8J04 aOl 9.64 

1528 1534 3 273 

33,470 3 *613 

955.41 221533 551-86 

36,758 40,687 23,863 

4033 3913 267.7 


©It Edged Si 
Equtt* Barga 
EcaAy Value 


84,49 127 j9 49 JB 

(6/D <9035? 0/1/75) 

9023 105.4 5033 

ana amum wins i 

13202 1.9262 49.4 

(20) 06/7/87) (26/6/40) 

Z882 734.7 433 

Q9 IS 050183) taanro 

S.E. ACTIVITY 

InJto Aog. 28 Aug. Z7 

dSirSWH 98.9 100.4 

legates —■ 2D34 2393 

due 1524.9 2475.7 


pence to 219p following news that 
its associate Reebok is buying 
Ellesse International, as Italian 
based ski wear and tennis wear 
maker. Continuous Stationery 
improved 6 to I78p on the prop- 
erty sale, while AGB Research, 
still reflecting recent figures, 
gained 10 to 261 P- , J 

Eucalyptus Ptjlp responded 
smartly to the bumper half-yearly 
figures with a jump of 40 to 71 Op. 
United Newspapers, which 
recently ann ounced a sponsored 
ADR programme in the US, con- 
tinued to attract buyers and put 
on 6 farther to SBBp. 

Bid speculation revived 
strongly in the Property sector 


quent rise In Consgold gave a tracts, 
widespread boos t to o ther mining. , 

issues, not least KK which adv- . Traditional OotifilK 
aimed % to £ 12 % also helped by " * - 

the increased interim dividend • First dea l ings Sept 1. . 
from Australian associate CRA. • Ernst dealings Sept 18 . 

Greenwich Resources, the London- • Last declaration Dec 3 
registered group developing the m For Settlement Dec 14 
Gebeit mine in the Sudan, moved- For rate indications see end rf 
up 15 to 383p in the wake oF Press London Share Service 
comment . Stocks dealt in for the call 


South African Golds made rapid included Walker Greenbank,- TV* 
progress following the settlement am, Horace Guy, Inoeo, Feedback 

r. i 51 » J c I rw+e * n, 


of the wage strike by black mine- Broad Street, FJ.C. LOfey, Bnmt 
workers late on Sunday evening. Walker, Singer and 

ww_. ft IT vr * - . U 1 


Cfll Edged Barga 
Eqsitr Bargains 
Equity Value _ 


USA 

— 3485 

2040.9 


Opening 

1764.8 


11 a.m .1 
17583 


Day's High 1778.9 


Day's Low 17463. Bads 100 Sort. Secs 15/10/26, Fixed InL 1928, Qnflnanr 1/7/35, Gold Mines 12/9/55, 
SE Activity 1974, *NH-15J2 


recently announced a sponsorea ^ dosnre 0 f xjk markets on Pentiand Industries, <Wni 
ADR programme in the US, con- cabled US traders to Securities, Helical Bar, Mute 

tinned to attract^buyers and pnt nmrk gold share prices up in New Estates, Caraford, Harris 
on o farther to osep. York and London dealers opened Qoeeasway, Bu e ra , Associated 

®> d . spec^aUori^re^TCd 8 ^^ prices sharply higher at the British Engineering, Greemtfcn 
SSPflLfi 1 iSfJSSTttS tmteet yesterday. Cape and Con- Besources, ASDAMFI, Bi^am 

with Land tinental buyers were quick to Kingsley and ForreS* 

beneficiary; LS touched 565p at to a firmer trend in bui- ChartertaH, Marta and SpeaS 

5 ROT^ancPC Uon aad ^ 00141 Mines index Hanson Trust, British load! 
higher on halaareatSOTp. MEPC showed ^ ^ gain at 43&2. An Property Trust, Abaco, RataptW 

SS! impressive Johannesburg market Tricentrel, Coalite, IB® 

S rt !y d , S debut by platinum stock Lef- Resources, Bathmaas, SI Groan 

koclwysos— in the Cape the shares and Acorn Computer. BfetfiS 
awaiting today’s but were placed at Rll and moved up Capital were dealt in far the 

5 ^*f£k\£!rs to R 24 J>— saw the price move up to doable. 

mason A, encountered light pro- 
fit-taking and settled 11 off at 
650p; the shares have been strong 


disastrous May figure. Composure ting session in the clearing banks 
slowly returned to the market- which, after a steady opening. 


LONDON REPORT AND LATEST SHARE INDEX: TEL 01-246 8026 


placed although the day’s play was drifted back on the trade figures 
largely inter-dealer with retail before staging a good rally late in 
investors taking little part in the the day. NatWest, down to 732p 
proceedings in either bond or during the morning, picked up 
share markets. well and closed a net 7 higher at 

Volume overall was thin with 743 p. Lloyds, 3SOp, and Barclays, 
relatively small orders tending to 569p, were a shade firmer on the 
cause exaggerated price swings, day hut Midland, where the rights 
This was noticeably apparent in call is payable on Thursday, 
the mid-afternoon when Wall remained a few pence off at 453p. 
Street opened on a buoyant note. TSB, quoted in fully-paid form 


figures. MfaeL however, were a tion in the weekend press pointed tog. Cadbury Schweppes were a 


figures. M/net, however, were a non in roe weesenu press pouizeu “w- * recently on speculation about a 
firm market following persistent to imminent developments on the shfl^^better at 27lp ahead of mg j„ r ^ ^ company chan- 
■ ;m- r — m hid tor th* «un- tomorrow’s interim results. Tale i VfSr*. 


Jssas*«.v 


and BidaTO, 409p. Windsor Securities initially early on hut 

•ftssass® ssssx 


much-heralded bid for the com- 
pany. The shares touched 391p 


tomorrow’s interim results. Tate "wwv 

« j iniT gmg hands. Confirmation that 
and Lyle slipped to 828p at one ^ ^ sold ^ 


TRADING VOLUME IN MAJOR STOCKS 


earbr on but the absence any ? ovtogup late to the ^ 


JUOU, WC1C dt DImIUV, 1UUIWI VAX uib . - X 

day but Midland, where the rights 

call is payable on Thursday, val to J2Sp. a net gam of 7. 
remained a few pence off at 453p. Trading started yesterday ii 


i saw a retreat to 
late rally prompted 


day to close 2 dearer at 834p. 
Trading conditions to the mis- 


£74.4m boosted the former’s share 
price 20 to 285p; the Horseshoe 


The fbOowtog b basad on trodtog wlwne for Alpha securities deafttiwcwgh the SEAQ sjfles 
yesterday «mi( 5 pm. 


iM5>=Maa«*3a 2== , aars«as 


were 132p; the second and final 


T. -i"- In Of 2; turnover to Storehouse total- extremely thin and sensitive become the™ headauartere for 

Trading itetad yesterday to Ie< f 2 . 8 m shares. Elsewhere, However, a firm opening on Wall 
angw and Friediandcr, formerly uvxens spurted late and closed a Street left most quotations better 

Gilbert House Investments, and 1 » 1 ! at sutAn «hll« nr H. on the dav. Beecham. however. Tmst r ?. aew ? d ^PP 01 ^ 


slightly easier at 2.00 pm. surged 50p instalment has to be paid by 3 
forward as marketmakers and pm on September A 


professional traders were 
squeezed for stock. In the final 
hour the pace hotted up even 
more and the index closed at the 
session's highest level, up 23.1 at 
22722. 

The situation was repeated to 
the Gilt-edged market where early 


Merchant banks, recently unset- 
tled by a sell recommendation 
from securities house Phillips & 
Drew, showed Ham faros a shade 


net 11 higher at 344p while W. H. on the day. Beecham, however. onTapSal tofeetton ^hw£*Vnd 
toepnee to®cb«i n 8 P prmr to g^jih "A" jumped 23 to 413p. S. jumped 13 to 541p amid late talk of | ^ I 4 to ^ 

clomng at 113p; S and F new ml leapt 35 to a broker’s circular. rosc 8 10 144p " 

~ ~ “ Elsewhere, Bedfeare Glass fee- 


paid shares were quoted at «P 860p to response to press com 


premium. 


ment, while profit-taking after the taxed a gain of 12 at 510p to the 


Taytor Woodrow dipped toMp faSTTSSTlS wake oTWs 


off at 344p and Bletowurt Bensen, the lower end of market estimates, 


after tevealtog f interim profits at Executes IS cheaper at 190p. Strategic Investments 


Overseas 


rose 8 to I44p. 

Worries over the worsening 
ritnation to the Gulf where attacks 
on shipping and Iranian oil 
installations by the Iraqis and 


Vbhme Closing Day’s 

Slock 000's price change 

ASDA-MR WOO 201 +2 

AlUed Lyons 856 417 — 

Anutrad - 2^00 377 — 

AnunCrtwp 853 429 +8 

As50C.6rtt.Foo*— 50 350 — 

BAT 1200 M 9 +3 

BET 1300 278 -3 

BICC 571 382 +6 

B0C — 1300 539 +9 

"Mifefc Zll 376 +30 


where rumours suggest a possible 
rights issue along with the interim 
figures due on September 21, 


---- — ~r j | B «* increased its holding to the com- retaliation by the Iranians have 

but the price subsequently rallied pufflet^lMt pany to ^ cent ipece Hal- heightened Hears of increasing OS 


losses, running to V* among the eased a shade to 574p. Morgan 410p. Among Cements, Bine Circle 


on asset value considerations to week by a sell signal from aecur 
close only 12 down on balance at toes house Phillips & Drew, 


dings, in contrast, tumbled 9 to involve ment to the crisis led to a 


longs, were finally replaced by Grenfell, scheduled to announce 
gains. Stretching to almost a point half-year results tomorrow, dip- 


uremeu, scneouin n umoiuicii firmed 3 to 483p, after 474p, ahead reflecting the proposed one-for^ This was despite an erratic 

iS^^JS^STLSS: 


staged a strong recovery and 
moved np IS t643Sp on a turnover 


91p on the disappointing interim 
figures, but Kenyon Securities, 


farther advance by oil and gas 
issues. 


Becdam-. 
Blue Circle. 


Sterling was the key to the mar- 
ket’s resilient performance Its 


ped to 541p at one point before 
rallying to end the day barely 


Rugby Portland were resilient and 
closed a penny dearer at 256p. 


continued ascendency against changed at 545p. In money brokers Elsewhere, Unlock Jolmsen 


both the dollar and the mark, 
despite the economic statistics, 
'brought short-term interest rates 


rumours of an imminent £3 a attracted good support ahead of 


share bid gave a farther boost to' next Tuesday’s preliminary 


back from initially higher levels life to 279p. 


Inter City HaMlnga which jumped 


and restored confidence to all 
financial markets. 

Short-dated bonds were held 


Life assurances traded 
quietly Abbey were ahead of a 


figures and gained 7 to 184p. mag- 
net and Southerns, a weak market 


sizeable buying orders. BICC, due’ 
to announce interim figures on 
September 9, added 6 to 382p. 

Hawker featured strongly in the 
late dealings, advancing 14 to 613p 
to response to a revival of persis- 
tent US demand. Among the other 


510p- Fisens were a relatively which dipped sharply late in the 
active market (some L6m shares afternoon to close with falls of 


Brtt. Airways.. 

Brit- Aero 

BriL & Coana— 

British Gas 


changed hands) and closed 13 to around 20 cents a barrel. 


the good at 364p. Week-end news- British Gas, a poor market the 


paper comment stimulated previous week, picked up strongly 
occasional interest to Coalmen, 19 amid talk of strong US bnytog 


net ana sonuenm, a weak market ««« me ^tier at 808p and P. and W. Mad- interest and closed a net S higher 

lastwTOk following a series of Engineering Wan, 4 firmer at 162p. USM at 173p after turnover of7Am 

profits downgradings, rallied 10 to edged up a few pence on hopes of uhnres. up. «h Pn > tha Gnu* 


BP 

Brit-Tetacom— 

Bund— — 

Barm 

Cable & Wire — 
CadtarySdmps- 


back by the continuing presence week— but Prudential attracted 
of the tap, and the NatWest pre- persistent interest and put on % to 


rumoured cirenlar later in the 275p reflecting press comment tank orders from Nigeria. Else- 


diction that base lending rates £ 10 fe; the interims are due on 


could rise shortly from the pre- September 9. Composites showed 


suggesting that the fall had been 
overdone. 

Chemicals took a breather after 
last week’s good run. ICI were 


sent 10 per cent to 11 per cent Guardian Royals 4 firmer at ELOfe; unchanged at £15fe, but Laporte 


Meanwhile, retail interest for the estimates of the interim profits moved up late to dose 9 up at 


where, TK Group, down to 426p at 
one stage, rallied to close 4 firmer 
on balance at 434p helped by a 
current recommendation from 
Chase Manhattan Securities in the 


quoted Hlgh-Potot Services met shares. BP, where the Govern- 
with renewed support and put on meat's advertising rMtwpnign fa 


Coaim. Unk 
Care. Gold. 


16 more to 434p, while Harlans gathering pace, settled 7 to the 
responded to the bumper interim good at 375p on a turnover of 10m 


results with a gain of 5 at 87p. shares. Shell rose fe to £14, and 
Fenttand Industries rallied a few Briton 9fe to 336p. Renewed sup- 


longs could be inhibited by the range from £70m to £94m. San 545 p. wUUmn Canning were to 
Government bond auction, which Alliance, where brokers are going rf-mand ahead of the half-year 
is believed to be pencilled in for for interims to the range of £85m figures due next Monday and rose 
September 23. to £87m jumped 11 to 989p. Royals 33 to 278p. Cieda Iateroational 


wake of the Crane US acquisition. 
Babcock, in contrast, fell 12 to 


September 23. 


13 to 278p. Cieda International 


Babcoc k, to contrast, fell 12 to 
282p at FKI declared its offer for 
the company unconditional. Press 
mention enlivened interest in 


NEW HIGHS AND LOWS FOR 1987 


HEW HIGHS (749 

AMERICANS (3X CANADIANS <1L 


Consolidated Gold Fields shares leapt 13 to 551p, after 568p, Deal- deferred finned 12 to 255p. 


spurted to £13 5i after a turnover ers said Interest to the insurance A substantial bear squeeze 
of LSm shares following Monday's brokers was unlikely to pick up developed to the Stores sector. 
96 bn (£3.7bn) bid for Newmont until Friday when sector leader Attention at the outset was rivet* 
Mining from the T. Boone Pickens- Sedgwick announces half-year ted on StorArase where specula- 


Blackwood Hodge which closed 2 

highm- at 74p, whfie .yeculative |KVK“4 ^elSSS.S!SS gj 


PAPERS C1J, PROPERTY OU 
TEXTILES m, TRUSTS f25), OILS OK 
MINES CO. 


activity continued 


Group, 2 dearer at 128fep. 


Bowden engineering 


HOTELS (29, INDUSTRIALS (12), 


Ftoods made a lack-lustre show- leisure (U, newspapers cu, 


K£W LOWS (3) 

BANKS eu MCarp, CHEMICALS ft) 
Novo ln«> “B”, ELECTRICALS O), 
Systems RelWbllHy. 


THE 

NORTH WEST 


‘Men and 
matters * 


LONDON TRADED OPTIONS 


687 
857 
4300 
1,000 
7% 

xooo 
1/00 

249 

CowtauWs 668 

DeeCorpn ■■■— ■ ■ 746 

OfewjsSsmp—— . 3200 

EoglisaaibnCbvL 90 

1.700 
239 

Gen. Elea 6200 

Glaxo 800 

Globe I meflin e n l V00 

Granada 354 

Grand Met L200 

GUS "A" 456 

Gmrdbn R-E 252 

GKN — 381 

Moms 960 

U mm m ia m — „ 368 

HattmTnBt 5300 

Hanker Sdd—^. 441 
HifedoMiHIdSL^. 1300 

KU ... 1400 

.topar 90Q 


Gen-Acddeot. 
Gen. Elects. 


Globe InrefUKBU. 

Granada ■ — ... 

Grand Met 

GUS "A" 

GuanMaaR-E. 

GKN — — 


323 — 

534 +4 

£ 12 % — 

392% +»z 


Volume Ctosos Dfl*s 
Suck 000's price Gfamge 

Ladbnrfce 664 443 

Land Securities — . 3»5TO. 557 

Leg^&Geo. 537 315 

Uoy&Bank 660-360 +Z 

Lonrbo L200 300% — L 

Uau— 182 727 +9 

MEPC 191 532 

Marts &Spencer_ 3500 236 

Midland Bank 458 453 

Natoest Bank 90S 743 

Next 445 326 

Pearson., -— 466 7S 

P&0 684 700 

PHklngton Bros..,— L5S0 300 

Ptemqr ZfiOO 292 +3 

Prudential 488 £K3* +i 

Racai 2JXU 309 -1 

RjnkOr^. 289 691 -6 

RHM 439 328 — 

Redcftt&Col 47 OTA +i 

Redbud 267 517 

Reed Inti. 4,600 510 

Renters — 511 869 

RMC 357 493 

RTZ 703 £12% +% 

RoUs-Royce 5,750 U2% -fy 

Rowntm- 471 571 

Ryt Bank Scotland .. 999 389 

Itoja J Insurance IfiQO SSI 

STC 777 289 

Saatdri&Saatdd- 700 669 

Sahefaury 1,700 2S6 

SmaG Newcastle- 204 249 

Sears 2,900 +1% 

Sedgwick 297 305 

Shell Trare L700 £14 

Smith & Nephew— 3,200 173% — ' 

tandard Chart 154 96 

Storetwese. ■■ 2^00 389 

Son Alliance 4S5 989 

TSB 2,000 132 

Tarmac 1,000 290 

Testa Z600 287 

Thom EMI L800 662 

Trafalgar House— 629 363 

Thouse Forte— 1,600 246 

Ultramar— 754 278 
517 391 

3U 636 
733 33 

Wellcome— 407 469 

292 339 
U00 349 


Thom EMI 

Trafalgar Home 
Thouse Forte — 
Ultramar—— 
Urdgate— — 
U id lever 
United Bhants. 
Wellcome— 
WN thread “A" 


The Financial Times proposes to publish a 
Survey on the above on 


FRIDAY, OCTOBER 9, 1987 


For a full editorial synopsis and details of 
available advertisement positions 
please contact: 


To criebrate the 50th 
antuoersmy of Men and Matters 
toe are offering readers a free 
booklet contozntng selected car- 
toons and humorous tailpieces 
that tore a pp e a red m these col- 
temns during the past gears. 

To obtain a copy send a 
stamped, addressed envelope 
CL3/18p stamp, letter-size 
envelope) to: 

Miss Trade Gooch 
Public Relations Department 
Financial limes 
11 Cannon Street 
Ironden EC4P 4BY 


BRIAN HERON 


Play it safe 


on 061-834 9381 


Look for the 
initials 


or write to him at: 


Alexandra Buildings, Queen Street 
Manchester M2 5LF 
Telex: 666813 


MOPS 


For fall details said a 9* a 6* 
stamped addressed envelope to: 


FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSPAPER 


The National Newspaper 
Han Order Protection Scheme 
16 Tooks Court, London EC4 1LB 


HOLIDAY & 
TRAVEL 


Have you got a few 

words to say 

to your Bank Manager? 


RATHER SURPRISINGLY QUITE A FEW BANK MANAGERS 
HAVE MORE THAN A FEW WORDS TO SAY TO THEIR BANK 
MANAGERS ALSO! 


Is published on 
Wednesday & 
Thursday 


In banking jargon It Is called CORRESPONDENT BANKING mid the 
people who sell ft are politely called " Bank Calling Officers." Nevertheless 
they are salesmen and their job is to sell the service and facilities of their 
own bank to other banks 


For details of 
advertising rates ; 
contact: 


As with any consumer, industrial or commerctal product, awareness of the 
corporation behind the product, and Its management, is an essential 
ingredient in selling. Contacts and loyalties built up over m*ry years can 
dissolve rapidly which is why advertising in THE BANKER regularly 
informs and influences the international banking community far beyond the 
capacity of your personal calling programme. 


Over 70,000 readers in 130 countries read THE BANKER each month. 


Say a few words to them regularly through the pages of the Journal they 
read, respect and rely upon for essential management Information 


Deirdrey Venables 

Financial Times 
Bracken House 
10 Cannon Street 
London EC4P 4BY 

Tel: 01-248 8000 
Ext 4657 



/ 

/ ' 


■* * *- \. •. j 







Sdramn 
269) i 


39 

1 22 129 


Sepmabar L Total Ctafracbl9J)76. OUb 22A13. 
^ FT-GEhWw Crib LffiL Pus L062 
•UnewtflreMWrifrpriw. ■ 


M nartig am offer far an price. 'TUri 
Warrant (Eaembeafaie X 50p Intel (WJ 


% 4 

* 


± ? 

V////A. : 














































































































































































































































39 


1987 0 


WORLD STOCK MARKETS 


AUSTRIA 

St*. 1 


GERMANY 

I fifth*!. 


fttol +ar 


AUSTRALIA (Cantfaotd) 

+ » I S^-l 


issh- 


JAPAN (CootnunO 

S«*l I ^ 


CANADA 


lar Ctan Dng 

ib% 18% + % 

14% 14% 

Ml; 14% 

»% 100 -21s 

11 % 11 % -% 
231* 231* -1* 
.471* 471* 

Bis 68* 

Mi* MS, -1, 
IB'* 181* -% 
<0 401* + % 

2 Ni 268* -1* 

36 3S1« +1* 

220 229 +9 

3812 3812 
32 32 

32% 37% +% 
21'* ziis +'* 
34% 34% +U 
27% 273* 

74 74 

15*j 15% -% 
28 M -'8 
181* 181* -1, 
ifl% 101a -% 
8<* 51* 

100 100 
SI’S 31% -1* 

S S 

171s 171, -1, 

10 % 108* 

111 111 
497, 49% 

465 465 

281 281 -14 

157 B IB's + % 
178, 173* + % 
131, 138, +% 

43 431* -1* 

68 * 68* 
restrictod voting 



£3 OVER-THE-COUNTER Nasdaq national market, closing prices 


S*> “Bab to- 1st Ctag 


Continued from Page 41 

OpBcR ■- 841851 24 £3 23% 

Oracles -842957 271, 26% 27_- 
Orbit - 13 123 W, 9% 8% 

QsbBA .54 23 151 76 781, 731* • 

00*13. £0 10 212 *1% 31 31 

OttrTP 2 JBZ 13 470 41 38% 40% 

0waflMo3s a a nit «|j z i% 

P Q 

PACE 441- 8 77, - 77, 

PCS 53 1QB 817, 311* jn, ■ 

PNC 188 14 500 60S* 50>* 50* 

Pacar 1.60a » 333 12% 10 7fl* 

PacFWJO a 5 880 22% 21», 22 

Panura 39 188 ."11% «% 11% 

Partson 23 475 31 301* 307, 

PaulHra_ ® . « » '*** 

Psyche 43 888 25% 25% 25% ■ 

Payee 27 22 11 1°% 10% 

PeoGkt 64WB6 221 z 21% 22% ■ 


Panties 88 .14 81 S% 
Pootalr .69 18 827 38 


Pawns 17.178 25% 25 
PaoBnC 1 82 93 70% 68% 
P&opHrt20e 854 17% 17% 

PS8M8980 128 10% 1»« 

PeoWst ,13 SOB 287, 2^* 

PercTe 17 143 9 8% 

ParpSs . 8 315 13 
Patrfla 1.12 28 35 36% 35 
Ptirmct 904 4% 4% 

Wirmei.156 36 665 27% 27% 
PtamRe 11, 21 11% 3 
PteSavs 221387 23% 22% 
PtcCata 48 . 19 260 18% ITS* 
PSonW 184 - 181929 35% 33% 
PlyFvo 15 11% '2 s 

PtcyUg 27 *SS 25'* 24% 

Porax .Wo 12 151 u39% 38% 
Passed • - 728 0*, 

Plxig&Sv.H* 8 488 18% M% 
PrecCst 88 22 297 371* 38% 
PresUa 06 23 S7 17 16% 

PretnCp.,50 25 253 13% 18 
Priam ' 1089 3% 3% 

PncoCo 341584 50 48% 

PieaTR- 19 91 38% 33 
PicaGp 1SBT HP, 10% 

Prottja JO- .11-181 17 16% 

PrvLto £4 3 380 23% 231* 

PjjSdSe £0 ID 241 25% 24% 

PufcPb Jty.'SS 588 u43% 42% 

puniBaji ra m an*. -2W* 

PyitriT- ' 10 .8% • 8 

OMafl, - - 481347 H.% M% 
0VC • ^.15M «% B% 

Quadr*. ' ' , 222 .. T0% 10% 

OoaMIW ,18% .18% 

is% 

Ouum y :n 12% «% 

• vs 1., -,p .p •• 

23% 

?*«yr ■ to «« ‘ 11% 11% 

Bo*w'. . 23 2« '13% . 13% 
R0PfS- 2a : JS--«i 8% 6% 
M 5^,0% _w 

HeolBc 

ftuCW .. ..- r *40^-f.B _2Sf» '-26% 
R«P*8n - , ' .‘ 5*6-17% • 18% 


27.-+ % 
9%- % 
73% -1 
31 - % 
40% +1 
21% . 

.77, ■ . . 

71%+ 1% 
22 + % 
11 % - 1 * 
307,- % 

• 18% - V 

2S%-;% 

10% 

22 %+ % 
32%- V 
26 + % 
25%+ % 
70%+ V 

'SrA 

*&*- % 
12%- % 
35 - * 
4% . 

271* + .% 

11% - 

227,- % 
18 

33% —2% 
11% 

2S% + % 
30 + % 
« 

18% 

36% — % 
W%--% 
ie 

s%- % 
48% -1% 
38% — % 
10% - % 
1 «%- % 
23% - % 
24% — % 

42% 

271* 

B% + 1* 
11 +1% 
101,+ % 
10 % - % 
Iff* - »4 
13% 

12% 

23% - % 

n%- % 
131,- % 
6 % 

18%+ % 
16 

267, . 

i«%+ M 


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‘■SMq August 29 : Apn NAkd: 2604817. 

Bate uatoes of aH hxficetore 100 except BntsseH SE-LOOO JSE GoM-255.7 JSE InductriaK- 
264 J and Australia. All Onffnary and MnaJs— 500; MV5E AD Common— 51% Standard and 
Poor's — 10; and Tomnto toaxarte and Uettk— 1000. Toronto indices based 1975 and Montreal 
Portfolio 4/1/83- T Excluding bonds. 4400 Industrials plus 40 Utilities. 40 Financials and 20 
transports. <c > Closed. <u) Unavailable. 


TOKYO - Most Active Stocks 
Tuesday, Se pte mb e r 1, 1987 


Tmfcd Mens on Day Traded Men oaDey 

74-38- 682 +12 Shixadm 3lA5a 1£99 +128 

62.17m 1,800 + 26 RCn Tntsu da _ 29.43m 787 + 22 

6034— 328 +14 tfippmi Stan Bfan ,. 2927m 979 + 74 

54.84* 383 - 2 TodognM StnUUu 26.81- 1,148 +120 

4228m 328 - 2 TrgaUii 26.73- 963 + 23 


X \Tr\ Chief price changes Enterpr. Oil 315 + 7fc Reg al i a n Props 2B5 +20 

I A 1 1^1 1 J I f I N (in pence unless otherwise indicated) EucaL Pulp Mills —710 +40 Smith (WJI.)A 413 +23 

Hampton Tr 115 + 9 Ultr amar 07R x. 13 

Hawk. Sidd. 613 +14 

IbstockJnsn 184 + 7 FALLS: 

RISES: Britoil — 338 + 9£ Kenyon Secs 510 +20 Babcock Inll _._282 -12 

Trl^pc 2003/07 __012H +'y,i Cble&Wrless 436 +13 Land Secs 557 +19 Exec. Clths 190 -15 

Beecham 541 +13 Canning (W.) 278 +13 Pleasurama 199 +10 Ipeco Hides 91 -9 

Brit Gas 173 + 6 Cons. GldFkis ElS'tfs +%» RedL Nat Glass 518 +12 Taylor Wood. 410 -13 


17 


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0 Financial Times Wednesday September 2 1987 

NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES 


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9 


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11 % 12 
22 % 22 % 

29% 30 -% 

TO 10% 

35 36% -% 

B*, 10 

38% 39% -1% 
49% 48% -% 
41% 417, -1% 
d 9 9>, 

29% 29), -% 
d17 17% -% 

24% 24% +% 
20% 28% -% 


42% 42% -1% 
41% 11% 

11 % 11 % -% 
27 Z7% 

2S% 25% -% 
3i, 8% +% 
38% 301* -1% 

2S% 2&, +% 
34% 34% -1 
2% 2% -% 
18% TO*, -% 


a 

«5* 


71 

87% 

30% 

37*, 

89 

30% 

I 

28% 

Sf 

80% 

52 

30 

14% 

S' 

16 

a 

a 

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30% 

ft 

8% 

18 

75% 

54 
BO 
50 
11% 
40*, 
29% 
387, 

55 

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26% 

38*, 

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1ST, 

4% 

F 

S7% 

301* 

47% 

14 

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TO% 

60% 

20% 

24% 


66 

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31% 

7% 

32*, 

14% 

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& 

30% 

TO% 


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52% 

24% 

231, 

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23% 

30*2 

1*, 

17% 

20% 

22 

44% 

46% 

r* 

12*4 

51% 

46% 

s 

18 

a 

51% 

341* 

38% 

S' 

28% 

18% 

a 

8*a 

20% 

6% 

TO 

17% 

* 

42% 

9 

2% 

22% 

28 

«% 

21% 

0% 

37 

2 

St 

S' 


51 

537, 

¥ 

2% 

20% 

9% 

«r. 


8% 


23 * 23 * 

27% 27% 


15% -% 
21% -% 
7% -% 
«% +% 
5*, 5*, -% 
58% 58% +% 
Wl 101 -1 
78% 78% -*, 
20*8 2®% 

333 

SS"' 


37% 88 -% 
7% 7% +% 

53% 63% -2% 
21 % 22 % +% 
7% 8 +% 

89% 39% -1 
41% 41% -1, 
44 44 -% 

00% 80% — % 
128% 126%—% 
30% 80% -% 
09 09% +% 

01% 81% -2%l 
25% 2S% -% 
34 34% -3%' 

00% -2%| 
. 27% -% 
40% M% — % 
»% *% -1%1 
2% 2% 

22% 22% -% 
25% 25% -% 
36% 30% -% 
64% 6«B -% 


WtRPtPlAO 
Wstcfl-gJO 
WCNA 
WCNApf 
WIG, pfIJO 
WatnSL J4 
WUnion 
WnUn pi 

WnU pro 

WnU pE 
Wim pfA 

WstgE 1.72 
WstVC 5 MO 
WeyertOJO 
Weyarpc2J2 
vjWhPlt 

WhrHdel.W 
whttew 
WWitak 1 
Widiaan 
Wick wt 
Wick pfA2J0 64 
WHfrmS .12 
wines* 
WMJamtAO 
WilatwO 
WincMnJOa 
Wbijak.TOe 
WMSixMO 
Wmnbg 40 
Winner 
WfasEn *1.44 
WtaG pBJO 
WtocPU12 
WI*PS *1J4 
Witao 1.12 
WolvrW 
Whrtft aU2 
WridCp 
WrfcfVI 
WrigTy *1.04 
WyteLb -32 
Wynns .60 


60% +% 
17% 1B% ♦% 

23* 1D1 * ~ U 
20 % 21 +% 

51% 51% 

80% 00% -% 
_ 13% 13% -% 
2% 2% Z% -% 

TO% 10% 10% 


11. 37 16% 10% 101* 

M 12 203 21% 20% 20% -% 

401 4% 4 4 -% 

2 20 30 20 +% 

B 2% 2% 21* 

12 3 27, 2*, 

14 t2i* 121, 121* -% 

2J 16 4347 71% OB** 70 -% 

2J18 1015 49% 48% 48% -% 

24 21 5709 55 53% 63% -1% 

54 49 48% 48 43% +% 

20 8*g 8% 8% -% 

23 15 4337 39% 39% 39*4 

41 81 23 21% 21% -1% 

28104 354 u3B% 38% 331, +% 

7 1820 20% 19% 19% -% 

32 10* a 10% W% 

29% 291* 29% 

22 23 27 5% 6% 5% -% 

21 238 u2B% 24% 25% +1 

42 1308 33% 33% 33% -% 

53 24 B*, B% 0*, -% 

BJ 74 Tl 10% TO*, 

33 33 4*, 4% 4*, +% 

39 17 299 50% 47 47% -Sfli 

It 18 331 13 12% 12% -% 

07 3% 3% 3% 

5.711 3260 25% 24% 2S%.+% 

99 4 20% 28% 26% -% 

6J 11 134 48% 48% 48% -% 

36 12 181 23% 23% 23% “% 

17 14 162 41 40% 40% +% 

44 558 12*, 121* 12% -% 

2<4 16 2BTO 54*, 53% 54% +% 

27 0% 8% 6% 

79 IB** 19 T9 

10 19 158 601* S7 ST** -Z%| 

1J 33 138 2D »%»%-% 

11 15 02 »% *9 19% +% 


X Y Z 

Xerox 3 39 *8 9743 80% 78% 79 -1*4 

Xerox pS.46 10. 340 54% 53% 54 

X7RA .64 22 24 219 30*, 29% 29% -1%l 

XTRA pHJ4 72 12 27% 27 27 -% 

Yorkln 15 218 31% 30% 31 

Zapata 4» 5% 5% 5% -% 

Zayre .40 14 ID 2227 29% 2ER, 28*, -% 

Zeroex 40 12 8 7 12% 12% 12% -% 

ZanUhE 120 1140 30% 29% 30 -% 

ZanLato 54727% d 81* 8% — % 

ZenMU JO 15 14 274 23 23 23 -% 

Zero JB M TO 129 19% TO% 18% -% 
ZunOnsJB ZS 19 360 28% Z7% 27% -% 

Zwetg nB5a 15 901 10% TO TO - % 


Sales figures are unofficial. Yearly highs and lows reflect the 
previous 5 2 weeks plus Vw currant week, but not The latest 
trading day. Where » split or stock dvidend amounting to 25 
per center more has been paid, the year's high-tow range and 
dvtdand era shown for the new stock only. Unless otherwise 
noted, rates of dMdanda are anowf dlatxssement* based on 
tha Mast declaration. 

ft-tMctond tfso extras], txnrnn! rate of tfivUend plus 
stock dMdsnd. eJtptktoflng dmdend. cfd^afled. d-new yearly 
law. e-dividend declared or paid In precedtog 12 months, g- 
dbidend fin Canadian fimda, subject to 15% non-residence tax. 
f-dMetead declared after spUt-qi or stock dhiklend. J-dMdoid 
pkU this year, onBtted, deferred, or no action taken at latest 
(fividend meeting, k-drvidend declared or paid this year, an ac- 
cumutitlus ssua with dwxSends in arrears, rwww issue in the 
pest 52 weeks. The high-tow range begins with the start of 
tradtog. nd-rwd day deBveiy. P/E-price-eanwigs ratio, r-dnii- 
dand (tedarad or pM m preceding 12 months, plus stock efivi- 
dend. t- stock spirt. Dividends begin with dale of split, sis - 
safes, t-dwidand pfud in stock in preewfing 12 months, esti- 
mated Gash value on ex -dividend or ex-distribution date, u- 
naw yearly high. iMradmg halted, vwn bankruptcy or receiver- 
shto or be^ reorganised under tiro Bankruptcy Act or S8cu- 
rrtios assumed by such companies. wd-cBstributed vw-wtan 
Issued. wwHMth warrants. xrex-dMdent or ex-rights, xdis-cx- 
dtetntwllcn. xw-wtthout warrants. yrex-dMdend and sales in* 
fid. yto-jnsu. 3-safes m tutu 


12 I REK issues 


when you first subscribe to tbe F.T. 
0 Frankfurt (069) 7598-101 


AMEX COMPOSITE CLOSING PRICES 


P/ Sh 

Sock ft* E 10th Mgli IwtheOv 


AT4E 

AemaPr 

Adorn 

AdRusll 

AibaW 

Alphaki 

Alza 


IDS 17% 17% 17% 

17 3% 3% 3% - % 

98 22 21% 22 + % 

294 91 41% 4t% 41% 

12 20 91* 9% 9**- % 

1208 10% 9*, 10 + % 

164712 38% 37% 37%+ % 

Amdahl 20 242B1Su44% 42 43 - % 

AbraMJIa 9 47 24% 24% 24% + % 

AMzeA .5? 11 38Su2B% 25% 25% - % 
AUzeB J2 10 49 23 22% 223* - % 

AM Bid 51 3% 3% 3% 

APetf 15 27 98% 077, 68%+ % 

APrec JO 62 29 15 14% 14*. 

AmRoyll J3e 4 593 9% “ 

ASdE 296 42 5% 

Ampal J6 5 211 2% 2% 2%- % 

AndM 3 836 7% 7% 71* - % 

ArzCmn 20 8% 6% 8% + % 

Amrtm ID 2% 2% 2% + % 

Anmdl 7 12 2B% 38% 28%+ % 

Asnirg JO 348 9% 91, 

Asuotc 716 % 7-18 


6% — % 
5%+ % 


1+ % 


Atorls 

aheCM 

Adaswt 


20 3B1 13% 12% *2%-% 

345 1% 1% 1% 

" - 9 + % 


57 9% 8% 

5 B 

BAT J3e 13 1309 T0 11-16 109-16 10% 
Barearo S7ut0% 9*, M% + % 

BaryflG U 148 8% 8% 8% 

BergBr J2 20 188 25% 24% 24% - % 

Bleep .72 14 114 31 30% 30% -1 

BiflV ja 21 221 20% 20% 20%+ % 

BlnkMf j 13 4 33*j33%33*?“% 

BlockE 321329 6% 6 6% - % 

MountA <4525 36 19*, 19% 19%-% 

BiountB 4025 9 18% 19% 19% + % 

BoWVaLIOr T4 14% Ml* M% + % 

Bowmr 94 3 2% 2*, - % 

Bowrwe JS 21 385 23% 22% 22% - % 

Brung J8 68 30% 30% 30% 

c c 

3D 2ies% 251* 25% + 


CDIa 

CM! Cp 215 

CMprepJOt 13 7 


a 


3 - 


CMsrcg JB 101 16% 16% 16^- % 


8% 8%+ % 
% 
% 


ChmEm 39 7% 

ChmpPBAO 21 39 35% 34% 35'+ % 

ChtMdA 34 20 95* 34% 32% 32% -2% 
Chlflv UD 21 5 22% 22% 22% + % 

OyGtaM 15 2 16% 16% 16% - % 

Comlnc 44 1B% 18 IB - % 

Cm pCn 18 638 63, 6% 6% 

Cncfm JOe 13 25 23% 23% 23% - *, 

CmwOQ 156 " " 

Conatn 11 42 

ContMd 28 63 

CTOUS JO 24 121 

CrCPB 3 

CwCpTOZZS 21 


Custmdx 


CM hd 

DWG 

Damson 


22 
9 285 
1433 


2% 

2% 


ft 

9 

91,+ 1, 

28 

2ft 

27*,+ % 

38% 

34% 

34% -1% 

15% 

15% 

15%+ % 

2ff, 

S 

» - 1, 

20*. 

20% 

20% - % 

40% 

3ft 

3ft -1% 

1% 

1% 

1% 

D 0 


2% 

ft 

2% 

ft 

ft 

ft 

•r 

7-16 

7-TO -VU 


P/ Sk 

Stock Bv E 10th High few Ota tagi 

DataPd .16 341043 11% 11% n%- % 

Dolmed 2089 1% 1 1 V16 + 1-16 

DiUord .16 22 532 54% 53% 63% - % 

Diode, 129 3% 3% 3% + % 

Dom6P 1827 11-18 13-16 7, -1-15 

Donum JO 700 181* 157, IS*, 

Duttxn JO 12 86 16% 16% 16% - % 

E E 

eAC 1 7** 7% 7% - % 

E4B«1 120 2 2 2 

EsmCo 1 Ifi 33 35% 34* 2 35% - % 

EehBg, 712661 27% 27 27% + % 

EeoEnjee 96 m% 18*, 19 + % 

Sstaor 258 3*, 3 3% + % 

EmpAnJZe 122 4% 4% 4% - % 

EntUkt 30 540 6*, 8% 8*,+ % 

Espay JO 17 73 22% 21% 22% + *, 

F F 

FaWnd JO 13 47 38% 38% 38% - % 

FAusPrl.oee 1130 8% 0% i% _ % 

FhehP Jit 62 13 13% 13% 13% + % 

v)Ftanlg 5 2 5% 5% E% - % 

Fluke 1J61 22 629 28% 277, ai?-*- % 
AtnlUG ■ 12 104 7% 7% 7** - % 

ForaL 33 694 28% 26% 271,-7, 

FreqS 24 401 22% 22 22% + % 

FrMtLn 1924 6*, 8% E% - % 

FurVTt JO 23 112 21* 7% 7*,- % 

G G 

7 98 8% B 8-1, 

27 331 8% 0% 8%- % 

113 0*, 6% 6*, + % 

242955 40% 36% 36% -2 

„ »8 m + % 

20 53 371* 38*, 37 - % 

61 2B7, 26% 2S%- 1, 
194 13-16 % % — 1*18 

128 68 15% 10 15%+ % 

25 343 63% 02% 62% - % 

181 8*, 8% 8% 

11 3 13% 13% 13% - % 

15 ,77 15% 15% 15% - % 

455 19 18% 18% - % 

H H 

TO 483 3% 3% 3% 

7 19 11 10% 10*, 

40 101, 10 TB%+ % 

201835 24 22% 22% -1 

88 24 9% 9% 9% 

11 210 20% 19*, 2Q 

8 41 32% 321* 32% 

1070 8 5% 5%+ % 

257 Si, 8% 8% ~ % 

8 52 15 14% 15 + % 

37 4795 15% 14% 14% + % 
24 16 11% 11% 11%+ % 

24 158 27% 28% 26% - % 
828 13% 128, • TO*, - % 

2 181 1% 1% 1% 

TO 122 17 W% 101;+ % 

I I 

111198 13% 13% 13% - % 

21 4 a** B% B%+ % 

523 58% 57% 08% + % 

12 270 2 1*, 1*, 

2 2 % 2 % 2 % — % 


GRI 
GT1 
GatLJt 
GfefflF J6 
GrtYlg 
GMfltS 38 

Gtomr 1b 
GUPUI 
GmdAu 
QrtLkC JO 
Gronms 
Greiner 
GrdChm <42 
GCdoRn 


'Halm! 
HampOl J71 
HrdflknJee 
Hasbra 03 
HrttoCh 
Httvst 238a 
Helco .10 
HerlEn 
HemO 
HoilyCp 
HmaSh* 
Honyben 
Hormels JO 
HmHar 
HouOT .Ua 
HovnEs 


ICH 

ISS .10 
ImpOilBlJO 
InatSy 
InaSypf 


Stock IB* 

■73e 
.60 

WrnilT ,10 

to«M 

IntPwr 

Jacobs 

Jetron 

JofmPd 
Jonnlnd 
KayCp .12 
Klnark 
Kiray 

KageiCHO 

LaBarg 

LehnkSvJO 

laser 

loe P hn 

LeisurT 

Lieumo 

Ullyun 

LiOnW 

Lor Tel 

Uime* JB 

Lynenc JO 


MCO Hd 
MCO Rs 
MSI Di 
MSR 
Mafftsh 
UwSd 
Matrix 
Medtas J4 
Udcora 
Mem JO 
MchSir 
MMAm 
MtesnW .32 
MtchlE 34 


NVRynsJS 

NtPotni .10 

NMxAr 

NPraclUe 

NWk£ 

NYTmes.44 

NCdOG 

NndDl 

Numac 

OCA 

OdetA 

Odeffi 

OOWop 

PtaiCpa 34 

ParirtC JO 

PtHeetnJae 

PtlULD J4e 

PwnrSy 

PWway.-? 

PopeEv 

PrwdS 

PreadA .10 

PrcCms 


ft 8b 

E 1Mb Hfeb LM 
12 275 7*, 7% 

24 32 14% 14 
28 157 12*, 12% 
631 6% & 

70 8% 8 

J K 

44 28 14% 14% 

25 20 0% 6 

58 3% 8% 

8 128 22% 22 

6 20 13% 137, 

u 8 4% 4% 

63 4*, 4% 

161 94 31% 30% 

L L 

5 1% 1% 

8 5 9% 9 

13 100 T3*a 13% 

15 94 5% 5% 

8 114 0 8% 

39 210 4% 4% 

110 2% 2 

14 446 7% 7% 

1641S0 163* 15% 

14 83 107, 16% 

31 23 1B% 191* 

M M 

41 16% 10% 

621 % 11-10 

36 279 22** 21% 

48 2% Z% 

208 8% 8% 
Jl IW 25% 25% 
TO 298 10% S*, 

68 101 46% 45% 
121116 4 3% 

18 6 17% 17% 

2D 2S6 7*, 7% 

34 5 7% 

4 14 10% 

90 IS W% 

N N 

11 202 8% 8 
2887 13% 12% 

TO 30 24% 24% 

14 33 29*4 29 

12 199 9*, 9% 

24 x3564 44% 43% 
296 36 15 I**, 

41 3*, 3% 

37 34 8% 0% 

O P Q- 
10 12 28% 28% 
133 3 8 7*, 

321 2 B% 9% 

17 12% 12% 

27 1044 34% 33% 

15 5 31% 31% 

225 1 15% 

7 260 31% 

22 1% 

%-t %% %%%% 

70 2*, 2% 

163 41 8% 6<; 

85 71, 7 

644 u13% 12% 


7% 

TO% 

Iff, 


7%- % 
14%+ % 
12% 

5% 

a - % 

**% 

e%+ % 
s%- % 
22 
13*, 

4%+ 1, 

4% 

30%- % 

W%+ % 
SI, - % 
8%- % 
4%-% 

*% 

15% - % 
16%-.% 
«% - % 


16% 

% 

21% -1 
2%+ % 
8% 

25% - % 
9*a- % 

VI 

’sr- 1 

7% — % 
10% 

161,- % 

a - % 
12% — % 
24*,- % 
20 + % 
9%- % 
43*,+ % 
•M*,- % 
3*8 

8%- % 


12) 


+ % 

f-i 


15% 

2B% 

1% 


31%+ % 
15% 

301,-1% 

1% 

112 112 
2i,- % 
6% — % 
*%+ % 
121 ,+ % 


P/ Sh 

Stock Ohr E 100* Efigh law Dora Chaos 

R 'R 

RBW .10 104 29 71* 7% 7% - % 

Ragan .12 139 10 19% iff: 19% 
Raiwbg J8j 151 11% 11 11 ~ % 

Rent A IS 87 59% 59 59-% 

RfilAsB 12 52 13% 13% 13% 

RstASAJOe 12 7 13% 13% 13%+ 1. 

Rogers .12 28 23 24% 24% 74% - I. 

~ J20 13 32 20 19% 20+% 


SJW 168 
Sqe 

SXJoeGnJbe 
Salem 
ScandF 
Schsto J6 
SbdCp JO 
SecCap J5j 
StaesAs ,ia 

Sofitren 

SpedOP 

Stitavn 

$unwd 

Start El 

StortSa 

Synefey 


it 2 
6 

101 70 
7 5 

230 

17 03 

6 4 

27 
IS 70 

18 218 

25 

52 

21 52 

71 12 

15 43 
247 


S S 

34% 34% 
10 % 10 % 
17% 17 
7% 7% 

9% 9% 

18% 17% 

114 113% 

4*g 4% 

14 13% 

10% TO 
5% 5% 

5 4% 

12 % 12 % 
2% 2% 
9*, 93* 

4% 4% 


TIE 

Til 

TabPrd JO 

TendOr 

TchAm 

TechTp 

Tetsct 

Teiesph 

TmpEn 

TexAir 

Totffhg <40 

TrtSM 

TuOMbx 


T T 

1677 4% 4% 

6 B 01, 6*4 

16 66 10% 10% 
43 48 20% Iff, 
, 4 3% 3% 

15 27 6% ff* 
01 2% 2% 
7464 u 4% 3% 
436 11% 11% 

236280 31% 30% 
049 21% 20% 
21 23 19 18% 

10 252 7% 7% 


34% 

10% - % 
171*+ % 
7%- % 
9%+ % 
18% +1% 
114 

4%- % 
13*, 

10 

5%- ** 
4% — % 
12*,- % 
21,- % 
«%~ % 
4% 


4%+ % 
01* + % 
18% - % 

6% 

2%- *, 
4%+ % 
11%+ % 
31 - % 
20% - % 
19 

7%+ % 


U U 

Ultra JBe 95 343 11% 11% 11%+ % 
UnValy 10 35 11% 10% 11%+ % 

UFbodAJSj 7 05 2 2 2 

UFoodB 7 28 2% 2% 2% 

UnvPai 1B0 Iffa Iff# 13% + % 


VJAmCeja 

VtRsh 

WTC 

WangB .16 
WangC .11 
WahPallJB 


Welicoa J5 

WeUAm 

WolOnJ 

WDigitt 

WhrEnt 

Wdstrs J8 

Worthn 


Zlmer 


TO 35 
32 

24 103 
6130 
7 

30 41 
37 
7 17 

S 87 
41 10 

16 1661 
21 190 
56 1 

14 


V w 

25% 24% 

B% 8% 

8% B*g 
18% 17*, 

18% 18% 
2S1 248 

4 3% 

* 

8 7% 

28% 27% 
Iff, 10 
10 10 
6% B% 


26-% 
B%“ % 
8%+ % 
IB - % 

3% 

nr* 

7% — % 
27%+ % 
10 - % 
10 + % 


X Y 2- 

283 4% 3% 37, 


OVER-THE-COUNTER 


Nasdaq national market, closing prices 


ADC 

ASK 

AST 

AbingS 

AdARt 

Acbnda 

Acton 

Adapt 

AdiaSv .10 

AdobSs 

AdVTel 

AdvoSy 

AUBsh 

Agneyfl t 

xss x 

AfaFttis.lQ 

AIccHB 

AlexSis .16 

AlexBWI.30 

AlegW JO 

AUagfiv 

Artiom 

AlldBn 

Altos 

Amcaet <44 
AWAJrt 
ABnkr JO 
AmCarr 
ACortta 
AGreet J8 
AmlnLt <40 
AMSe 
ANtfais 1 33 
ASVNY<45« 
A&NYpflJI 
ASotW .12 

ATvCm 

AmRFd 

Amrim 1 

Arngwi 

AmakBk.64 

Amveta JO 

Antonie 

AndvSvJOe 

Andrew 

Anitacs JO 

ApogEe M 

ApotoC 

Appfflk 

AppieCUn 

AEUoad 

AptdfflO 

ApWMt 

Archive 

ArgoGp 

Arltdi 

Armor <46 

Aabeots 

AaMons 

AdGLtalJQ 

AdFln 20 

Adfle* 

AdSeAr 

Autodks 

Avntak 

BS <0fia 
BRMec 
BekrFn la 
BakrJ# .08 
BldLyB JO 
Ba ffi te p e.4tr 
BnPncsl.40 
BnPop 1J2 
BepHw 1J0 
Banciac 
BKNE 1J4 
Bnkeeta <48 
BnkgCfr 
Btadcvt JOb 
Banta <44 
Barrts 
BvmT JQb 
B adMt .10 
BayVW 
BeyBke1<M 
BeautiC 
Beebes 
BedSv 
BenfiSv 
Bertdey JB 
BetkHe 
BeoLb 1J2 
BovSvg 
ear * 
Bkvfly 
BiMede 
BtoRes 
Biogan 
Btomet 
BloTcG 
BirSO 

BtckD J4b 
BIckEn 
BoetBn 1J4 
BotoEw JB 
BohetneJSr 
BooWP 
BostBcs JO 
BsJnfC <40 

Brantre.15e 

Brand .06 

Brkwtg 

BdgCfn 

Brnknrn 

Brunos JO 

BuiidT 

Bmlm At 

Burrfls 

BMA 1.10 

Buslnld 


GCC 

CDC 

CFS 

OIL 

CPIS .16 

cucw 

CVN 

CfcrySclJOe 

Cadntx 

Caigene 

CalBlo 

Cal MIC 

Calny .18 

CamBS 

Canail .iBe 

Canonia 

CrtWD JB 

CareerC 

CerlCmJ7e 

Caseys 

GetlCimi 

Cntrfic 1J0 

Centcor 

Ortak ,19a 

CtrCOp 

CFxtBklJS 

CtyCras 

Catus 

CnrtaSs .12 
Chrawfes 
ChkPt 
Chemax 


SOu Mgb law Ud Qng 
(Had i| 

20 7SSii28% 27% 27% + % 
24 12*1 15% 14% M%+ % 

151241 17% 16% 18% + % 

5E 17% 171, 17% - % 

134 2 18% 18% 18% + % 
42 267 22 21% 22 + % 

401021 23% 22% 22% — % 

18 8M 14% M 14%+ % 

32 116 30% 29% 291* 

571525 35 31% 33% +1% 

261753u27% 25 281* +1 

979 10% 10% 10%-% 

23 154 14% 14% 14% 

28 98 24% 23% 23% 

200 28% 20% 28%+ % 

IB 1007 10% 10% 10%+ % 

S 80 15 14% 15 + % 

152537 Iff* 17*, Iff* + % 
11 821 18% 17% TO 

14 730084 02% 03 — % 

11 491 24 23% 23% — % 

1704 16% 15 

401187 Iff* 18% 

538 S% 8% 

23 594 13*, 12*, 13%+ % 
13 95 13% 12% 12*,- % 
8 8 - % 
13 «%+ % 

9% B% 

- ** 
154580 28% 28% 28% - % 
10 71 13% 13% Iff*- % 

31 58 17% 16% ' 

8 213 39% 39 

■ 6 710 19% 19% 19% 

29 22% 22% 22%+ 1* 

170804 17% 14% *4% -3% 

113 29 29% 29% 29% - % 

— — l5r 


15-% 
10%-% 
B%+- % 


003 8% 

65808 14% 
139207 9% 

6 16*, 


17 + % 
3ff«- % 


3733 Ul«% 

1281045 23 
401 1977 33 
B 408 21% 20% 21 - % 
10 1050 5% 4% 5 - % 

13 231 12% 12 12 

29 17** 17% 17% 

179 10% 10 10 - 

10 528 22% 22 22 

17 404 11% 11% 11%- % 
353395 21% 20*, 21%+ % 
B 344 34% 33% 33% -1% 
39 12451 u35% 62% 52% -1% 
235 10% 15% 16%-% 
42 421 29% 29% 29% - % 
BOO 30% 30% 30%-% 
• 12 12 
51 51 


* 2*,-% 
31% 32*4+ % 


-i 


442100 12% 
13 20 51 
10 17 

25 198 2ff* 
4 223 8 


10% 17 
22 22 
S% 5% 


+ % 

ii 


154817 24% 23% 24 + % 

12 110 2ff« 28 23 - % 

TO 428 10% 10% 10% 

14 813 26% 20 20 - % 

044475 12*, 12% 12% 

40 7T7 2B% 27% 27% - % 

271035 15% 14% 15%+ % 

B B 

82 ff* 9 9% 

13 -2 Iff* 10% 10% + % 

107 54 53% 53% 

TO 280 14% M 14% + % 

6 24 18% 18% 18% 

22 270 18% 18% 18% + % 

11 101 20*| “ 

0 00 am 

11 97 £9 


27% 2ff«- % 
30 30 - % 
58 58 - % 


TO 482 12% 

IT*, 

12% 

% 

111525 35% 

34 

34% - 

-1% 

11 335 U% 
295 U 


a:* 

20 6 27% 

27 

27 

■ % 

17 855 24% 

24% 

24% 

% 

8 711 14. 

Iff* 

14 

% 

TO 224 50% 
481479 361* 


50%+ % 
38*,+ % 

61156 18 

17% 

Ift- 

• % 

ID 168 471, 

47 

471,- % 

10 31 8% 

8 

0 

% 

20 2B8u18% 

18% 

18% - 

1* 

363 1ft 

1ft 

1ft- % 

591 7% 

ft 

ft 

- % 

0 613 27% 

2ff* 

27 + % 


24000 3800 3900 -90 


23 330 54% 

54 

54% 


9 10 ft 

ft 

ft 


13 401 25), 

«*, 

2S%+ % 

12 410 TO 

ft 

10 + % 

49 327 8% 

7% 

ft- 

»■ % 

073 Z% 

ft 

ft- % 

856 B% 

8% 

83*- 

- % 

40 207 2ff, 

271* 

27% 


352 9% 

9i* 

9% - 

+ % 

17 609u28 

2ft 

27% 


TO 75 32% 
189 38% 

St 

32% - 
38 - 

- % 

- % 

TO 229 42 

40% 

40% -1% 

25 530 24% 

24% 

24% - 

- % 

11 135 23 

2ff, 

22% - 

- % 

24 343 12 

11% 

11% - % 

9 40 24% 

24% 

24% 


141566 3ff* 

20% 

28% 


16 50 Iff* 

18 

Iff* - 

- % 

04 32B 25 

24 

24%- 

F % 


Stock 


Sties Hfeb Low law Ctoq 
(KodsJ 


Charakx 312112 22% 22** 22** 

ChaahreJBa 20 17% 17% 17% 

CNCM 2060 ff* 8 8%- % 

ChOockJOa “ " ~ " 

CMAuta 
CbMWM 
Chills 
ChlpeTc 
Chiron 
Chronr t 
ChrOwl 22 


IT 30 321, 31% 32% +1% 
19 281 17 16% KE% — % 

TO 23 17% 17% 17% 


261718 31% 
24 237 24% 


31 - % 
24-% 


016 28% 28% 28%+ % 
185 11% 11% 11% - % 
Iff, 


30 712 10% 
ClnnFn1J2b 11 80 50% 58% 
CMbss 35 11* 38 37% 

332716 10% 

14 TO 10 


ft 

9% 


TO*, - % 
S £%-% 
37% - % 
10 
10 


Cipher 
ClndEx 

CtzSoCp 1 121002 28% 28% 28%+ % 

CtzFGs JB 10 317 20% 191* 19% - % 

CtzSNY 9 TO*, 10% 101*+ % 

CtzU Aa (25 173 301* 35% 36% 

CityFed <40 19 504 9 B%8%-% 


CtyNC J4 14 223 27% 

26% 

20% - % 

CttyBcpl.12 10 1 55% 

CWran 20 212 10% 

•a 

55% + % 
10%+ % 

ClarkJ JB 15 53 34 

33% 

33% - % 

Ctotn 

201935 19% 

TO 

19% 

CoOpBk JO 

0 22 10% 

Iff, 

16% 

CoasF 

TO 310 Iff* 

1ft 

18 

Coaȣl 

271174 11*, 

1ft 

11% - % 

COtoeLb 

17 164 Si, 

25 

25 - % 

CocaBU JB 

686 31% 

31 

31-1* 

Coeur t 

172 2ff* 

2ft 

2ft- % 

Cohemt 

363 15% 

15% 

1ft- % 

Col men 

48 295 11% 

1ft 

11% + % 

CoiFdl 

5 204 13% 

1ft 

1ft- % 

ColnOp <40 

9 41 17% 

171* 

17% - 1, 

ColoNt 

265 Iff* 

10 

W - % 

Comoum.lZ 

• 580 Jft 

S3 

25*4- % 

Cmcatap.12 

38 24% 

34% 

34%- % 

Cmoric 2.40 121074072% 

70% 

71% +1% 


CmClr 1J0 25 60 ^71 69% 6B%-1 

CmceU 22 13 648 33% 32*, 33 

CmcFdl 5 150 10*« 18 TO 

CmlShg J0 18 113 17% 17 17 - % 

ComS*g.iae 217 13% 13 13% 

CmpCre .40 15 087 14% 13% 13% - % 

CCTO 1281 12% 11% 12 + % 

Cncpda 76u1B% 19% W*,+ % 

CnCap240a 170 10% 10 10**+ % 

CnsPapI JO 14 170 05% 64% 84% -1 

CUHme S 219 0% 0 8%- % 

CtfMed 282 13% 13% 13% 

Cental 33 24 23% 23% 23% + % 

Qrffto 919 20 17% 18% +1 

Convgt 2985 8 7% 7% - % 

Cemrax 58 5B7 


*4% 1*V+ *« 

35% 25% — % 
12 Iff* - *, 
in, - - 

tf” 12*, 

21 38 11% 11% 11% 

211960 4% 4 4 - % 

Craetcr 1.04 13 452 31% 30% 30*,-% 


CoOoS JO 20125a 251, 
Copytei 293 13 

Cor** 2151 10% 

CoraBt 136 11 1436 41 
Coetco 871888 12% 
CWTmm 
CrzEdB 


S + %' 

- *4 


cmra 

CritQp JB 
Cronus 
CraaTr 
CroeklS <40 
Croslpl 181 
CwnSk 
Cullum JO 20 70S 
Cypres 
CypSem 
Cytofpi 


122 14% 13% 13% 

81037 11% 11% 11% - *s 

4 334 Iff, 15% 15%+ % 

1500 2ff« 19% 19*, + % 

647 16% 16% 10% - % 

89 2ff« 21*, 22 - % 

19 &6 W% «% Iff, 

32 


32%+ % 

281194 251* 25 251*+ % 

533367 15% 14% 147,-1* 

914 101* 9% H%+ % 

D D 

DBA 16 41 10% 18% TO*i 

DNSvbs JB 5 64 12 11% 11% - % 

DMA PI 1100 206 11% 11 11 - % 

DSC 291073 7*, 7% 7% - % 

DaisySy 723 7% 7*, 7% - % 

DrmBJo 150 0% ff, 5*, - % 

Date rtf J4 123 2Bu17% 17** 17% 

DtalO 24 863 9 B*« 8% + % 

DtSwteh 146835 7% 7% 7% - % 

Datacpa 26 156 34% 33% 34% 

DauphntJO 12 275 35% 35% 35% - % 

Denar 19 181 Iff* 11% 12 

Day3*l 11 394 10% B*, TO + % 

DebShs JO 22 2651 1B% 19% 19% - % 

Dekalb J2e 1180 26% 20% 26% 

10 140 13% 12% 12% - % 

29 37 37% 38% 36% - % 


DUWod 

DtagPr 

Ofesonc 

Dfcaon 

DtgUCm 

[Hatch 

WmaCTJp 

DimeNY 

CHonexa 

DtactaYMW 

DtrGnl JO 

DemBs .72 


PiATh 1.10 
PtAmSv J4 
FCoiBa J2 
FExaca 
FExpE2.12a 
FExpff2J8 
FExpIG 
FFMfc .12 
FFdtCal 
FfTtMa <48 
FFdPR 
FlFMgs 
RHBk .72 
FlHaws 1 
FUlCpa .44 
FJerN 180 
FlKyW 84 
FMdBa 1 
FtMtISv 
FNCifml.36 
FWffia .80 
FSacC 1.10 
RSuBk 
FTennsl.TO 
FstUCs JO 
PlWFn JO 
Firstar 1.M 
RaFdl 
FtaNBF .48 
Fonara 
PUonA .14 
FUonB .13 
FtjrAm J8 
ForttiF JOB 
Faun 86 
FiamSv 
ftom* JO 
Frottor 
FulrHB <C 
FutJFS 

GWC 132 

Galacg 

Galileos 

GelgA .40 

Gantw 

GardA 

GatwBs 

Galway 

Oenetca 

GenaUn 

Genian 

OenmarJ4e 

Genzym 

GaGuU JOa 

GibsnG 23 

Giamtaa 

Godfrys J2 

GWnVta 

Gown 24 

GoufcJP .70 

Grpn8c 

GCtryB.lOa 

GHicSc JO 

GrnRhb 

Ordwtre 

Gwcft 

Guarfn <40 

HBO JOe 

Hadson 

HamOU.OZe 

Hamrtna J8 

Harteys.48a 

Harlnl 

KarpGs .17 

HrtMUIJS 

HrtfdSa 1 

Hwlna 

Wthco 

HhstnR 

HchgAa .16 

HchgBs .00 

HeaMn 

HelanT 

Henley .901 

HrttBS.17e 

KiberslJtb 

HighlSu 

Hogan 

HtneCty 

Hme5av.09e 


Skin Hfeb few 
(Hods) 

11 603 31% 31 

8 00 15% Iff* 

12 65 14% 14 
114774 18% 18 

43 24% 23% 
37 26% 26% 
40 221* 22 
3 121 20% 20% 

7 189 20 25% 

7 94 28 
B 10 

221225 28% 

11 218 33 
11 103 271* 

17 754 Iff, 

IB B» 77% 

M 125 25% 

11 406 34% 

17 5 20% 

13 453 44% 

IT 174 27 


25% 
10 
26% 

ST* 
18% 
771, 
25 
33% 
20% 

tft 
28% 

52 223 32% 31% 


500 13‘ 

13 MB 351. 

11 1914 20% 25% 
10 356 10% 10% 

14 18 35% 34% 
649 14% 

23 339 23 

0 554 4% 

4830231122% 21% 
5410B3u24% 2 ff, 
22 106 41 41 

B 208 2B% 20 
202093 5% 5 

42 12% 

TO ITS 17 % 

128188 B% 

20 230 45% 45 
28 D% 6% 

G G 

12 440 19% 13% 
4208 Ul2% 

231359 18% 

16 41 21% 

22 30 21 

15 538 18% 

14 535 20% 

ID 180 8% 

3188873 49 

802 38% 

13 74 11 
10 243 10% 

2425TO M% 
192835 82 
121286 17% 

4S3 B% 

TO 30 31 
271104 21% 

13 297 30% 30% 

24 514 2% 22% 

4811 9 

TO 114 IB 


Iff, 

35% 


U 

2ff* 

4% 


8% 


11*, 

P 

a 

19% 

O’* 

47% 

10% 

14% 

60% 

S 

31 

20% 


ft 

173* 


« 113 23*, 23% 


37 97 18% 
58 156 30*2 
28 481 23% 
10 122 30% 

H H 


IB 

29 

23% 

30% 


11 

ft 


SO 777 11% 

27 125 ff, 
543058 24% 23% 
7 371 35% 34% 
6 32 17% 

14 202 16% 

17 32 15% 


17% 

18 

141, 


382B803 11 -Ifi 39-10 3B-16 -1-«HmaSL 


Draxlr 
DreyGr 
DunkDn 32 
DuqSye 
Duramd 
Duriron J6 
Dynacs 
DytchC 


II 41 40% 40% 

224979 40% 40*, 40%+ % 

318 3 ff, 3 

48 15 14% 15 

231328 24% 23 23 -1% 

30 840 29% 28% 2B% -2 

14 451 33% 32% 33%+ % 

SO 488 11% 11 11 - % 

11 106 23% 2ff, 22*a — % 

312410 17% 16% 17 - % 

“ W% 

231* 

27 
16% 

7% 

Iff, 


M%- % 
24 + % 

27% - % 
17 - % 
71,-1 

_ 16%-% 

1ts « 1-| 3 » « 

30% 30*,- % 


37861VM 6% 611-16 +3-18 
842 W, 23% 24% + % | 


23% 24%' 
9% 


32 

11 238 

30V406 u2i%' 23% 23%+ % 
15 73 17% 16% 17 + % 

21 SO 28% 39 SS + % 

51 B9 1S% 12 12%+ % 

213 42% 421* 42% - % 

401422 13% 13% 13%+ % 

c c 

29 329 W% 10% 10%+ % 
ITT 21% 21% 21% + % 

10 13 17% 17 17%- % 

23 1711132% 32 32 + % 

23 193 27% 27% 27% - % 

242631 29% 29 29% - % 

56 864 10% Iff, 18*, 


21 40G 44% 

4ft 

44% 4 

■ i 

311237 14% 

13% 

14% ■ 

F % 

888 11% 

11% 

11%- 

- % 

870 11% 

10% 

11% ' 

F % 

113 7% 

7 

7 


75 11% 

1ft 



87 19 

ft 

ft 

- % 

20 40Q 371* 

w% 

36*,- % 

37 42 31% 

30% 

30% ■ 

-1 

16 120 20 

Iff, 

20 


24 500 Iff* 

12 

12 ' 

- % 

31 113 20 

27% 

28 ' 

F % 

25 194 10% 

18 

18 ■ 

- % 

449 28% 

28 

20 


22 124 421* 

41% 

42 


847 41% 

38% 

39% — 1% 

6 Iff* 

12% 

12%- 

F % 

140 17 

18% 

17 ■ 

F % 

11 56 32>» 


32*, ■ 

F % 

122 20% 

TO% 

1ft- % 

1949 28% 

a 

25%-% 

335804 34% 

32 

32 ■ 

-ft 

54 <7 2ft 

28 

20 - % 

20 2908 11% 

11 

11% ■ 

F % 

224 ft 

ft 

ft 

+ % 


ElPas 1J2 

Elans 

Elcotais 

Efcong 

Emulex 

Encore 

EngCnv 

EnFact 

Enaeeo 

EntPub .10 

Envrds 

EAttBi 

EqiBcpJOb 

EotiBs .92 

ErieTIIJOe 

EvnSut 

ExceiBcJOe 

Excatn 

Exovir 

Expire 


109228 22 
39 191 20% 
19 51 Iff* 
301209 0% 
293 3% 

855 20*i 
203 551 8% 

44 17% 


T*t+ % 
3%- % 
19% + ** 
ff, 

17% - % 


FFBCp.TOe 
FHP 
FemMd 
FomSbi 
FrmHfn .50 
Farm? 

FarfJpsIJO 
Fldlcr L52 140807 44 
Rdlcrpf 
FhffTnJSa 
FdmHil.44 
FiflSfeB .78 
FlgglaA J8 

FlnNws 
Flngmx 
Flmgan 
FAtaBk J6 
FttArn 180 
FtABk <40 


78 14% 

48 427 24% 

IB 719 27% 

25 288 17% 

20 600 ff, 

121102 17% 

13 359 11% 

101181 31% 

E E 

405 31-32 15-16 15-16 
30x9001129 26% 27% 

0 709 10% «% 15*, - % 

21 % 21 % 

Iff; 20% 

Iff* Iff* - »« 

7% 
ft 

Iff, 

7*, 

17% 

TO 23 21% 21% 21%+ J 

151780 25% 24% 25 - % 

84 131 8% B% 8% 

12 B 24% 23*, 24% 

11 1101)26% 2B 28% + % 

171820 37% 38% 1 38% - % 

« 172 32% 31% 31% -1 

218 13% 13% 13% + % 

44 718 15% 15 15 - % 

225 13 12% 12% 

22 288 19% Iff, 19% - % 

F F 

10 254 15% 15% 15% 

8 24 8% B 8%+ % 

46 11% 1H, 11% - % 

74 157 7% 7% 7% — % 

10 20 23*b 23% 23% - % 

19 275 13% Iff* 13% + % 

14 985 43 47% 47% - % 

43% 43% - % 

70 361* 35% 35%-% 

281 191, Iff* 1ft “ % 

13 400 57% 67 57 - % 

13 49 88 05 85 

157 80% 79% 80 + % 

40 227 10% 9*1 ft-Ja 

485413-TO 4% 

74 19% 18% 

12 820 20. 19% 

9 423 50% SO 

1005 Iff* 12 


4% -3-1$ 
1ft - % 
20 + % 
SO - % 
12 


Honlnda <40 
HBNJa .40 
HufKoo 
Hun UK .16 
Hntglna 
HuntgBJ4b 
HutehT 
Hyponx 

iDBCm 

IMS Int .TO 

ISC 

Icot 

Drmtfn 

imucore 

knunax 

tattmmd 

knreg 

toamp 

InrfrNl 1JS 

InflBdC 

Infrmx 

W0R53 

htovats 


f 

Insttr 

IntgDv 

inuGen 

Into) 

Imetwt 

Intiwt92 

lnealh 

tmriel JB 

Irugph 

hnrteaf 

tatmee 

ImmtCa .18 

UitAm 

totaki 

Kfeme 

IniKIng 

irnLses 

InMobll 

Intnui 

InvstSL JO 

Iomega 

irwnMg 


J KU 


Lew Ore 

31% 
iff* 

14 - % 
181* 

24-1, 
26% 

22 - % 
20% — % 
2S%- % 
25% 

10 - % 
20%+ % 
32*,+ % 
27 - % 

18%- H 

771* 

25% - % 

3ff a - % 
20% + % 
ifli 

26%+ 1* 
31% - % 

13 - % 
30% 

26 + % 
10%+ % 
34%- % 

14 - % 
22%+ % 

*% 

21% - % 
24%+ % 
41 + % 
28%+ % 
5 - % 
12% 

-IT)*- % 

ft 

4ft+ % 
ft 

W% 

12%+ % 
18%+ % 
21 - % 
2ft 
18 

IIP* - % 
ft+ % 

47%-% 

39 - % 
11 

Iff, - % 
14% — % 
61%+ *, 
171*+ % 
B% 

31 

21 - % 
3ff*- % 
22% — % 

ft - 
18 + % 

23% - % 
19 - % 
30% + % 
23i* - % 
30% - % 

11 - % 
8% - % 
2fC- % 
35% - % 
173*+ % 
16 

14% - % 
28%- % 
31% - % 
173*+ % 

29% - % 
Iff, - % 
25% - % 
26% - % 
29% - % 
8%- % 
2ft- % 

13% 

26 - % 
13 - % 
10*,- % 
20% 

M*g 

26%+ 'a 
21 

32-*, 
7i,+ % 
22% - % 
23% - % 
26 

19%+ % 
8%+ % 

M%+ % 
3ft+ % 

ft 

ff* + 1, 
2% +1-lrf 
8%+ % 
2ft “ % 
10%-% 

8% 

43% 

28% +1 
21% 

31% - % 
19% + % 
25% 

11% “ % 
14% - % 
171,- % 
11% - *» 
5ft- % 
1ft + % 
18% + % 
ft 

2S%- % 
28% -1% 
Iff* +1 

15 + % 
171,+ % 

4 - % 
19%+ % 
11% 

22 

1ft + % 

Igii 

13% - % 

ft - % 
0'a- % 
2ft 
lift 

J J 

1295T89 M2 9 9 -Mfl 
9 33 14% 14% 14%+ % 
24 237 64% 63% 64 - % 

17 £3 30% IB*, 19*,- % 

45 938 15% 14*, 14*,- % 

46 89 15 14% 14% - % 
22 95 M% 19% 20 + % 

K K 


102207 28% 28% 


31 

IT** 

29% 

1ft 

25% 

®% 


12 338 31% 
152350 18% 

17 164 29% 

144 15% 

23 102 25% 

23 62 26 

13 318 30% 

8 59 9 B% 

3360 27% 26% 

361 Iff; - 
10 127 2ff* 

13 233 13% 

2* 1747 11 

9 35 21 
BBS 147, 

5 693 26% 25% 
17 169 21% 21 
15 385 33 
10 152 7% 


13 

26 

13 

10% 

20% 

14% 


32 

7% 


21 371 22% 221* 


21 *86 25 

13 413 28% 
16 608 20% 

14 126 ff* 


S' 


50 250 14% 14% 
251344 331, 321* 
22 582 9% ft 

11 ssa 6% 6% 

593 2 5-16 21-16 

583607 9 8% 

501 23*, “ 
177183 11 
518 1ft 
28 57 8% 

12 353 44 
85 585 U27 
46 43 21% 


TO% 

ft 

8 % 

«% 

2ff« 

21 


86 14302 u32% 30*, 


25% 

11 % 

14% 

177, 

11 % 

52% 

18% 


39 270 191, 
134891 26% 

31 200 12 

40 262 14% 

85 SSB Iff* 

105 1610 Iff, 

8321 53% 

2904 17 
462 1ft 10% 
386 ft ft 
17 48 26 
254346 28 
1522T99 18% 

22 345 15% 

IB 332 17% 

10 138 4% 
361063 2ft 
55 391 113* 

S3 290 221, 

19 950 18% 

388 12% 

53 » 

165445 14% 

217 3 

13 58 9 

351394 201* 


28% 

17% 

14% 

10 % 

4 

19 

1ft 

21 % 

18% 

12% 

19% 

13% 

a 

2ft 


ItoYokdJde 59 7 lift 117% 


Jaguar J8e 

JWfGp 

•tofSmteJ4a 

Jerico .19 

JityLta 

Jonol A70e 

Junos 


KV Phs 
Kaman J2 
Karehm 
KaydoalOe 
KlySwA J4 
Kemps JO 
KyCnLs 
Kinder -03e 
Krugers JO 
Kufcke 


Store Mgk few few Qng 

(Itt* 

150171 18% 18 W%+ % 

15 141 30% 30 30 -1 

918 tiff 19% 20%+ *, 

21 117 33% 32% 32% - % 

66 


27 205 08 
81814 331* 32*, 
TO 55 19 18% 

20 2863 18*, 18% 
IB 1056 10% 10 
504 15% 1ft 

L L 


33% 

1ft- % 
Iff* + % 
Iff,* % 
1ft- % 


LAGaar 


537 1ft 

10% 

10% + 

% 

LSI Lg 

1792713 Iff* 

Iff, 

1ft — 

% 

LTX 


133 21% 

20% 

20% — 

% 

LaPetes 

38 

7B0u22% 
352 23% 

21% 

21% - 

% 

LadFr, .TO 

17 

23 

23 - 


Lakflw JO 

30 

23 27% 

27 

27 - 

V 

LdJTBs 

3B 2356u16% 

Iff* 

18% 


Lam Re 


44 11% 

11% 

11%- 

% 

Lancatt JB 

17 

172 23% 

2ff, 

23% — 

% 

Lancas 

22 

422 u26 

2ff* 

25% - 

1, 

LndEnd.lOe 

29 

265u55% 

53% 

54 + 

1* 

LawrSv 

11 

25 Iff, 

11*, 

11*,+ %■ 

Lawm ja 

24 

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33% 

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% 

LeoDta 

23 

529 5% 

5% 

5i,+ 

% 

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36 

77 17 

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1ft- 

% 

UnBrds 

152419 463, 

46% 

45% — 

% 

LnFUm 

12 

938 ft 

91, 

B%- 

% 

UnaarT 

Llpoam 

657456 13% 
399 8% 

13 

8% 

13 - 
0% 

% 

UzClas .17 
LonaStr 

293834 35% 
4131298 20*, 

34% 

2ff, 

Sf 

*2 

LonflF 1.60 

12 

276 8ft 

04 

64% 


Loom 

LoweU JOa 

253783 32% 
173 1ft 

30% 

10% 

3ft ~ 
10% 

% 

Loyola 


39 15% 

14% 

143*- 

% 

Lypbo 

476590 u30% 

29 

2ft + 

% 


MCI 

MNC 1J0 

MMXS 

MSCare 

MTSs 24 

MTECH 

MackTr 

MBga 

Magnal <48 

MglSci 

Mnnttw JO 

MlraNt 1.80 

MaitaFnJBe 

MaraM J4 

Maacmp 

Uscoia 

M»«rpl 

Masabk J2 

Maascor 

MdxSs 

Maxcra 


M M 

4311238 9% 9% 

10 301 48% 40 

20 29 18 17% 

18 213 Iff* 14% 
18 70 23% 22% 
25 40 26 25% 

040 19% 19% 
754 22% 21% 
0 897 17 16% 

37 823 13% 13 

21 426 22% 22% 
TO B62 51% 50% 

4B1 16% dIB 

11 163 31% 30% 
48 483 11% 

91443 Iff* 


’ 9 . 


McCrm 1 
MedcoC.TOe 
Meirdg 
Menton .16 
MenbG 
Ma reBc l <40 
Moreen. 06 
MrCaAs <«0 
MrchNt .68 
MBfcQn J2 
MrdnBc 1 
Marta JO 
MerrtCp 
MeryGs 
MemdA -07 
MetrMbl t 
MeyerF 
MUM 1-40 
Mtcom 
Micro 
MHcrTe 
M tor op 
Mtoipro 
MtoSem 
Mlcnfi 
MxilCp 1J6 
Mow Air 
MilliHr .44 

Militant 

Millipr 32 
Miniscr 

Minolta 

Minstar 
MOWCA 
MobfCB 
Motfines <44 
MotSro 
Uotesa 
MomSv 
Moorf 120 

MorgnP 
M Of ins 
Morrsn <« 
Mullbfc 32 
Mutanh 

NACRE 
NEC -12a 
NtICtys 1 JO 
NtCptr 24 
NData .44 
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NIHRcr 
NEECO 
NwkEq 
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NE But 48 
NHmB .48 
NUUS81J0 
Nwbfflk .30 
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Nobel -41r 
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NOfShB 35l 
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NwNG 1-56 
NwM.1 .96 
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Nurmc J6 


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DUtpi 

OgKGp .84 
Oglbay 1.40 
OtneCasl.68 
OidKna .80 
OdRepJlb 
QmiuemJS 
OneBe <40 
OPWC 


10% 
17 

311 341* 34 

98 
W7 

13 1900 14% 14 

213 3819 13), 12% 

125502 14% 12% 

18 310 49*, 48 

65 402 421, 41% 

13 713 77, ft 

30 2027 121; 12 
372582 36% 35% 
164181 29% 29 

13 108 41% 40% 

12 130 14% 14 

36 361 31 
15 343 20% 

10 227 23*, 23% 

667 9% 9 

22 340 15% 15 

17 316 15% 15 

281103 B ft 

1015 27 25% 

14 2B6 16% Iff* 
TO 1« 46% 48% 

15 669 12% 11% 

20 559 12*, Iff, 

2656 121* 11% 

17 1829 36% 35% 

46 313 5% 59-16 

154630 91, ft 

44 3258 118% 113 
121441 46% 45*| 

20 332 17 

19 494 27 

60 19% 

27 822 41% 

197801 14 
30 785 »% 18% 

23 895 27% 27 
40 615 3ff* 29% 
39 169 30% 2ff, 

16 441tJ2% 21% 

147 1438 12% 

29 673 51 
136 20% 

12 215 29% 

IB 242 30% 29 

30 102 18 

21 466 31% 30*, 

10 170 223, 22% 

1000 130 71 

N N 

71 256 27% 203* 
123 132 66% 66% 

13 16* 373, 371; 

22 1590 18% 17% 
26 659 34 

18 30 9% 

22 104 ft 
180 1% 

24 130 10% 

09 670 23% 23% 
191562 11% 11 

54 38 54% S3 
04 60 23% — 

1D4 15 

23 595 20i* 


18% 

4% 


30% 

19% 


a 

26% 

131, 


11 % 

Sff* 

IS? 


ift 


69% 


33 

9 

ft 

1 % 

19% 


231, 

14% 

25% 


ft 

12 


13 162 22% 22% 
10 35 24 23% 

151305 29% 27% 
21 143 12 11% 

406 ft 
10 111 1ft 
232477 21% 20% 
4 50 13% 1ft 
342305 3ff* 34% 
616 39 38% 

172 2% 2% 

57 89 48 47% 

12 179 21% 2ft 

9 60S 2ft 2ft 
154 12% 11% 

3133 14*, 13% 
423803 22% 21 
29 S81 30% £9% 
17 SO 10% 10 

0 o 

672666 ft 6 
20 21% 21% 
20 2179 39% 38 

160 25% 25 
8 83 44% 44% 
10 361 25% 25% 

10 211 291, 2ft 
1798 283* 27% 

7 198 17% 17% 

54 167 16% 1ft 


9% 

48 

171, - % 
14% 

22% 

2ft — % 
TO% - % 
21% - % 
16% - % 
13%+ % 
22% 

51%+ % 
16% - % 
31%+ % 
11 

17*,+ *, 
34%+ % 

M%+ % 
1ft- % 
12% -1% 
48% + % 
42% + % 
ft - % 
12 

36% — % 

29%+ % 
41% + % 

14 

31 + % 

Wl“1% 
23%+ % 

9 

15% - % 
15-% 

ft - % 
28% — % 
16% 

481* 

11 % - % 
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Iff, + >, 
35%+ % 
59-16 -1-16 
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113% -5% 
*5*, 

16*,+ % 
25% ~ % 
19% + % 
41%+ % 
13% 

18% 

27-% 
253, + i« 
28% - % 
221,+ 1; 
11%+ % 
5ft - % 
20% 

28% - % 
29 -1), 

18 + % 
30*,- % 
22% - % 
70 - % 

27 - % 
68%+ % 
3ft - % 
1ft + % 
333, +1% 

ft + % 
ft + % 
1*4 
19% 

23% - % 
11 

53 -1% 

23% 

15 ♦ % 
25% - % 
22% 

24 

271*+ % 
11% 

ft+ % 
12% - % 
21 - % 
1ft + % 
343,-1% 

383*- 1* 
ft — % 

47% + % 

S' 54 

2ft 

12 

14%+ % 
21%-1% 
29% + '* 
Iff? 

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25% +1 
44% 

25% 

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28% + % 
17% - % 

1ft- % 


55 652 23 *, 23 % 23 % - % 


Continued on Page 39 











*: TV’ S&Sv J— • V.--: . 



















42 


<2 Financial Times Wednesday September 2 1987 


/ 


FINANCIAL TIMES 


WORLD STOCK MARKETS 



Rally collapses 
in final hour 
as $ falters 


WALL STREET 

LEADING Wall Street stocks col- 
lapsed in the final hour yesterday 
after a morning rally which ex- 
tended only patchily to the broader 
market, writes Cordon Crumb in 
New York. 

The Dow Jones industrial aver- 
age, higher until 3pm, closed 5158 
down at 2,61057 in brisk volume of 
some 1935m shares. Declines out- 
weighed advances by about three to 
one in the broader market, with the 
extent of the setback reflected in 
the NYSE composite index which 
shed 353 to 18152. 

Pressure on the dollar continued 
to create uncertainties in the debt 
markets, as did the reluctance of 
the Federal Reserve to assist liquid- 
ity. Some analysts now believe the 
Fed has slightly hardened its mone- 
tary stance although Mr Bob Far- 
rell of Merrill lynch said: °1 don't 
think they are transmitting any 
dramatic signals yet" 

Data oo July leading economic in- 
dicators came in line with expecta- 
tions, the half-point rise shown on 
the month tending to confirm the 
view that the economy is faring a 
little better. 

Technology stocks were initially 
strong, but IBM, a poor feature last 
week, fell 55% to $163, dragging the 
sector lower. Digital Equipment 
was down $f% at 5185% although 
Unisys, which launched a range of 
three medium-sized computers, 
held at 544%. 

The parties to Monday’s disposal 
of Fairchild Semiconductor both 
showed positive effects. National 
Semiconductor improved $% to 
516% on consideration of its streng- 
thened presence in the industry. 
Schlumberger, which had long been 
seeking to sell Fairchild, picked up 
an early $% before returning $'/» 
lower at 546%. 

The deal involving Columbia Pic- 
tures and other entertainment busi- 
nesses of Coca-Cola left Coke 5% 
easier at $50% and Tri-Star - to be 
enlarged hugely through the ab- 
sorption of these - up 52% in over- 
the-counter dealings to $13%. 

Elsewhere, Newraont Mining at 
$ 88 % lost $3% of Monday's $9% run- 
up as the market awaited further 
manoeuvring^ on the part of Mr T. 
Boone Pickens or others. His Mesa 
limited Partnership put on $14 to 
$18%. Among other producers Free- 
port McMofian gained $1% in sym- 
pathy to 528% and Homestake Min- 
ing firmed $% to $43%. 

McGraw Hill, the publishing 
group which has featured high on 
recent lists of potential takeover 
targets, continued $2 upward to 
$81%, extending its year's peak. 
Harcourt Brace dipped S% to $9%. 

Resilience in the pharmaceutical 
and health sector was led by Merck. 
It rose $1 to $205% after its Lovas- 
tatin cholesterol lowering agent re- 
ceived the sanction of the Food and 
Drug Administration. Upjohn at 
$49% was $% easier and Pfizer 
added $1 to $71%. 

The Detroit big three showed 
modest adjustments, if any, as the 


United Auto Workers pursued their 
wage negotiations. Ford, which has 
been chosen as the focus this time, 
was $ 1 % lower at $106%. 

The union's decision is believed 
to have been based largely on the 
company’s relatively strong finan- 
cial position. General Motors lost 
$3% to $ 88 % on fears that it might ill 
be able to afford a pay deal based 
on a settlement which emerges at 
Ford. Mr Roger Smith, the chair- 
man, said at a press conference he 
did not yet know whether GM 
would be in the black this quarter, a 
period which in the previous two 
years the company has reported a 
loss. Chrysler at 543% moved down 
51%. 

Away from the blue chips, many 
of those which were identified in 
the morning as receiving buying at- 
tention later relinquished all their 
gains and more. Among the excep- 
tion were Curtiss Wright, £2 better 
at $ 68 , and Gulf & Western, ahead 
$1% to $88%. 

Kenner Parker Toys held un- 
changed at $50% after saying it was 
in talks which could lead to an 
agreed acquisition of the company 
at upwards of 547 a share. This was 
the price being offered by New 
World Entertainment in a bid now 
stalled in the courts - New World 
shaded 5% lower to 59%. 

Credit markets attempted to sus- 
tain a rally which developed the 
previous afternoon. With a federal 
funds rate still on the high side at 
6 '%«, the authorities again offered a 
token S1.5bn in customer repur- 
chase arrangements, declining di- 
rectly to provide reserves. 

Three-month Treasury bill rates 
managed a dip of nine basis points 
from the previous evening’s auction 
level, yielding 658 per cent on a 
bond-equivalent basis. Six-month 
yields were four baas points lower 
at 6.57 per cent The 8 % per cent 
long bond shed nearly a full point to 
86%2 where it yielded 955 per cent 


EUROPE 


Stable dollar lifts blue chips out of doldrums 

__ . 11. 1 DaImiMiA Foil 


BLUE CHIPS on major bourses in 
Europe rallied yesterday on pro- 
spects of a more stable dollar, lead- 
ing markets higher after a quiet; 
lower start to the week. 

Spanish and Norwegian shares 
rose to records, taking heart from 
domestic news. 

Frankfurt moved broadly higher 
in brisk trading boosted by a rally 
in financial stocks. The Commerz- 
bank index gained 17.4 to 2,0035. 

Better than expected GNP fig- 
ures for the second quarter and a 
more stable dollar also heartened 
the market 

Interest moved from automobile 
and chemical issues into banking 
shares. Deutsche Bank rose 
DM1450 to DM710, Commerzbank 
climbed DM9 to DM30850 and 
Dresdner firmed DM850 to DM368. 

Chemicals posted moderate gains 
after Bayer’s rise in first-half earn- 
ings. Bayer advanced DM2.40 to 
DM361.40, BASF added DM150 to 
DM34350 and Hoechst edged up 20 
pfg to DM333.50. 

In cars Porsche added DM34 to 
DM1,019, Daimler gained DM 6 to 
DM1,142 and Volkswagen rose 
DM550 to DM40450. 

Engineers and retailers were 
mixed. 

Bonds ended the first session of 


the month with moderate gains. 
The Bundesbank sold DM117.4m of 
paper after buying DM56.7m on 
Monday, 

Zurich saw a lively day as foreign 
investors returned to purchase blue 
chips. Shortly before the dose there 
was some light profit-taking which 
nudged banks off the day’s high. 

The new Swiss bourse index 
which came into operation yester- 
day added 10.6 to 1,137.6. The base 
for the index is June 2 2967, when it 
stood at 1 , 000 . The Swiss Bank in- 
dustrial index gained 8 to 682. 

In chemicals Ciba-Geigy firmed 
SFr75 to SFr3^70, and Sandoz 
gained SFr50 to SFrl5,QOO. 

Engineering saw Brown Boveri 
SFr70 higher at SFrS^lO and Oerli- 
kon-Buehrle SFrl5 firmer at 
SFrl.725. Sulzer rose SFr275 to 
SFr5.90O. 

Banks came under mild pressure 
shortly before the bourse dosed. 
Credit Suisse bearer eased SFrl5 to 
dose at SFr3555 and Union Bank 
added SFr35 to dose at SFr4575. 

Amsterdam held on to many of 
its early gains to dose firmer. The 
ANP-CBS index added 15 to 3475 
in quiet trading. 

Bine chips were generally firmer, 
but insurers continued their weak 
trend after last week’s disappoin- 
ting figures from Amev. 


CANADA 


METALS continued to lead stocks 
in Toronto upwards with all major 
stock groups making ground. Re- 
source issues picked op as investors 
found encouragement in a firmer 
US dollar. 

Non-precious metal stocks built 
on Monday’s gains, recovering fur- 
ther from a recent selkjff. Inoo rose 
C$% to CS27%, Falconbridge im- 
proved C$% to C$27% and Alcan 
gained C5% to C$43. 

Canadian Pacific fibbed C$% to 
C$28 as rail service returned to nor- 
mal after government legislation 
forced striking employees back to 
work. 

In golds. Placer Dome won CS% to 
C$27 and Hemlo Gold rose C$% to 
GS25%. Lacana Mining, reporting 
higher first-half earnings, added 
C$% to C$22%. 

Forest product stocks joined in 
the resource rally, with British Co- 
lumbia Forest Products up GS% to 
C$24% and Domtar ahead CS% at 
C$2 1%. 


Norway has second 
market for options 


BY KAREN FOSSU IN OSLO 


A SECOND market for options 
trading in Norway has been es- 
tablished with a share capital of 
NKrSOm (57.5m) by the Norwe- 
gian Brokers Association, the 
Stockholm Options Market {OM) 
and several Norwegian financial 
Institutions. 

The Norwegian Options Mar- 
ket (NOM) intends to organise a 
marketplace for stock, index and 
futures options and to provide a 
clearing function. The system 
will be based on the Stockholm 
Options Market’s telephone and 
screen-based trading system. 

The latest agreement follows 
the creation last week of Nor- 
way’s first options market by the 
Oslo Gearing Corporation, 
headed by Mr Peter Warren. It 
expects to be trading within a 
week. 

The NOM is not likely to be- 
come operational, however, until 
Norway’s finance ministry clari- 
fies proposed new laws for op- 
tions trading. This could take 
place in October as part of Nor- 
way's national budget plan for 
1988. 

Mr Olof Stenhammer, presi- 
dent of the OM, said the new 
market could eventually reach 
the trading level of the Stock- 
holm market, where daily turn- - 
over is 5Q I (HXHH),000 contracts. 

But it will initially offer stock 
options in only five actively 
traded Norwegian companies. 
“Anything more than this might 
hurt market liquidity," he said. 
Foreigners would probably be al- 
lowed to take part, but they 
might face problems under Nor- 


wegian law in converting options 
into shares, he added. 

The Oslo bourse has been invit- 
ed to buy shares in NOM and to 
preside over regulatory aspects 
of Norwegian law which affect 
options trading. The ownership 
structure gives the Norwegian 
Brokers Association a 45 per cent 
share, of which it plans to offer a 
percentage outside the current 
ownership consortium. 

Stockholm Options Market 
holds 25 per cent, UNI Forsikring 
and Platou Investment each hold 
9 per cent; Christiania Bank 
holds 6 per cent and Vesta and 
Storebrand, both Norwegian in- 
surance companies, hold 3 pm 1 
cent each. 

# Norway is to tighten its sys- 
tem of checks fin- insider trading, 
according to Mr Gunner Berge, 
Ihe Minister of Finance. Several 
cases are currently under investi- 
gation by the Norwegian Securi- 
ties Exchange 
(SEC). 

The ministry may present pro- 
posals to the Storting, or parlia- 
ment, this autumn unito r which 
companies would be required to 
control information during “sen- 
sitive times,” such as the period 
shortly before publication of fi- 
nancial results. * 

The proposals are also likely to 
restrict trading in a company’s 
shares by its board or employees 
at times when they might have 
access to price-sensitive informa- 
tion before it is made public. This 
would apply, for example, during 
mergers. 


KEY MARKET MONITORS 


2500 

2000 

1500 

1000 

-500 

300 


End of month figures 


f Johannesburg SE ^ 




• — 






r 





S/ 







1982 1983 



l5 84 

_ 

1965 

1986 

1967 


Ended month figures 



1882 1983 1984 1985 


1986 


1987 


STOCK MARKET INDICES 


YORK S«pi 1 Prev Yew ago 

DJ Industrials 2.610 97- 2662.95 JcJ 
DJ Transport 1.048 21- 1.060.85 772.13 
Dj UtlHttes 204 54" 207 44 219.15 

S&PComp. 323 40 329 B0 (c) 

LONDON FT 

Ort 1.778 g (ei 1.3227 

S€ tOO 2772.6 (c) 1.67260 

A AS -share n/a tc) (n/a| 

A 500 n/a (el (n/a| 

(add mines 438 2 (cl 262.0 

A Long gti n/a Ic) In/a) 

World Act. hid 139.35 13905 101.71 

(August 31) 

TOKYO 

Nikkei 36.1 1642 26T2922 168207 

Tokyo SE £15320 2.15*26 1 £43.(8 

AUSTRALIA 

AHCW. 2.157? 2.150 2 12000 
Metate&Mfrw. 1.3*31 1J4ST 5499 

AUSTRIA 

Credil Akllan 213.60 214.30 239.17 


WEST GERMANY 

FAZ-Aktton 660.06 65619 702.65 
Commerzbank 2.03330 2,01590 2.121.7 


CURRENCIES (London] 


US BONDS 


US DOLLAR 

Sep* 1 Previous 


HONGKONG Hang Song 
3,64428 

(C) 1.903.02 

ITALY Banca Comm. 

634.88 

628.02 

82324 

NETHERLANDS ANP CBS 

Gen 31&50 313.00 

bid 267 SO 268.10 

294.7 

2957 

NORWAY Oslo SE 

537 £6 

535.83 

365.95 


FPr 


n 

Ur* 


CS 


12125 

1*1-85 

BOSS 

1.4965 

20420 

15125 

37.65 

1.3170 


1.8110 

141.95 

6.0475 

14325 

2-0400 

1310 

37.70 

13195 


STERLING 

Sept 1 Previous 
1.6400 1.6335 

2.9725 25575 
232.75 232 

9.9475 9S5 

2465 2.4375 
3-35 33325 
2.152.5 2140 

6175 6160 

2.1605 21555 


Treasury 



September 1 

Prev 



Price 

YMd 

Price 

Yield 

Th 1989 

99*** 

755 

99**(» 

797 

7 199* 

US’Va 

BJB3 


892 

8% 1997 


9.02 

9 r*ha 

9.17 

8% 2017 

96'** 

921 

rerTV,, 

949 


Source: Hurls root Savings Sanfr 


SINGAPORE Strata Tunes 

1.40450 1.453.90 83218 

SOUTH AFRICA JSE 

Golds - 23820 1.7270 

Industrials - 2209.0 13000 


INTEREST RATES 


SPAIN Madrid SE 


31151 31296 199.03 


SWEDEN Ja P 


3.01330 3.000.00 2392.98 


BELGIAN SE 


5.311 60 5.321.70 3352-58 


S WIT ZCRL A MP Swiss Bank bid 

682X0 674X0 560.6 

COMMODITIES (London) 





(3-fiwnih ottered raw) 



£ 

10% 

10% 

SFr 

3% 

3% 

tssa 

4’*. 

3'V* 

TTr 

8% 


FT Lendoe Mwtaafc ftaina 


(offered rale) 



3-montti USS 


7%. 

6-fiiwithUSS 

n. 

Tht 

USFedFRode 

6'*..- 

6% 

USaUmontfi CDs 

650* 

6875 

US3«eon&iT.bm* 

6235* 

049 


Treasury index 

September 1 

Maturity Return Day's Yield Day* 

(years) aides change Change 

1-30 1631? +023 633 -0.03 

T-JO 15483 +0.12 666 -003 

1- 3 144.03 +007 637 -003 

3- 5 157.57 +0.17 B M -003 

15-30 13358 +059 778 -003 

Source: Men* Lynch 


FINANCIAL FUTURES 


CANADA 

Toronto 

MeLA Mina. 3.165.0 3.188.0 2044.08 
Composite 29623 3.993.7 <C) 

Montreal 

Portfolio 1570.45 1,98255 IC) 



September 

fl W 

Stiver (spot fixing) 

455 lOp 

(Cl 

Copper (cash) 

Cl. 047. 50 

to) 

Coffee (September) 

£1.34500 

Ic) 

OH (Brent Blend) 

S18.42S 

to) 


GOLD (S/ozl 


DENMARK SC 





Septl 

Prw 

SE 

n/a 

n/a 

199 88 

London 

S46325 

to) 





Zurich 

$454.05 

845626 

FRANCE 




Proffering) 

645651 

$45353 

CAC Gen 

430.40 

428.70 

4125 

Luxembourg 

$452.35 

$455.75 

tad. Tendance 

11090 

11190 

9842 

New Yak (DM) 

$46280 

$45830 


CHICAGO 

US Trawany Bands (C8T] 

S% 32nds at 100% 

Sept 1 Latest Htgn Low Frav 

(Sept) 67-17 87-84 87-01 87-16 

USWnryW (MUS) 

Sim points at 100% 

(Sept) 9379 9381 93 73 9378 

Certificates of Deposit (MB) 

Sire points a( 100 % 

(Sept) n/a n/a n/a n/a 

LONDON 

Th ro in o atfa EnrodoAer 

Sire points of 100% 

(Sept) 3270 8273 8267 9269 

20 y ea r Notional OM 

E50.00S 32ndft of 100% 

(Sept) 114-18 114-18 +13-04 113-27 


Corporate 

September 1 pro* 

Price Yield Price Yield 

AT&T 3% July 1990 

(uch) (uch) 90.125 6-53 

SCBT South Central io* ian 1993 

(uch) (uch) 1020 . 1021 

Phibro Sal 8 April 1996 

(uch) (uch) 89.63 983 

TRW 8* March 1986 

(uch) (uch) 9388 983 

Arco 9% March 2016 

(uch) (uch) 9373 10.10 

General (Motors B% April 2016 

(uch) (uch) 9344 1210 

Citicorp 9% March 2016 

(uch) (uch) 8885 1055 

Some . SstomoeBmetars 


LONDON 


THE UK securities markets 
shrugged off news of wider than 
expected trade and current ac- 
count deficits for Jufy. 

Equities began firm, reflecting 
the latest survey by the Confed- 
eration of British Industry of 
short-term optimism in manu- 
facturing industry. This had giv- 
en way to indecision before the 
trade figures were announced, 
but a feared sharp shake-out on 
the news toiled to materialise in 
thin volume. 


Share prices surged in the last 
hoar of trading mi Wall -Street’s 
early buoyancy, and they closed 
at their best levels. The FT-SE 
108 index ended 23d higher at 
2,2723, and the FT Ordinary in- 
dex advanced 19JL to end at 
1,7785. 

The situation was repeated in 
the gilt-edged sector where early 
fosses were finally replaced by 
g Riyre of almost a point thanks to 
sterling’s resflient performance. 
Details, Page 38 


ans Affarer all-share index added 
8.4 to 1,118.4. ^ , 

Electrical and pharmaceutical 
blue chips posted good gains, and 
Volvo added SKr4 to SKr371 in 
reaction to Monday’s sharp fall ’ 
Astra, which announced disap- 
pointing results on Friday, shed 
SKrS to SKr255. 

Paris succumbed to moderate 
profit-taking closed slightly 
weaker but above the day's lows. 
The CAC index, was up L7 at 430.4, 
reflecting the firmer morning 
trend. 


Royal Dutch added Fl 1.90 to FI 
271120. and Unilever firmed FI 1.70 
to Fl 142L20. Philips was unchanged 
at Fl 52.50. 

Aircraft manufacturer Fokker 
slipped Fl 1 to Fl 5BJH) after losing a 
US order for which it had been vy- 
ing. 

Madrid rose to a record as most 
sectors posted moderate gains dur- 
ing an active session. The index 
moved up 0.55 to 313.51 after profit- 
taking had eroded some early 
gains. 

Utilities and construction issues 
it in the best performances, and 
were mixed with a firmer bi- 
as. En gineering s ended weaker. 


Oslo passed the 400 level to close 
at a second consecutive record. The 
all-share index added 2JJ4 to 400.60 
as banks and insurers led the ad- 
vance after news of a reduced trade 
■deficit in the first half. 

Storebrand’s NKrlB gain to 
NKr413 led insurers upwards. Berg- 
en Bank rose NKi 6 to lift other 
banks. 

Oils were weaker on profit-taking 
after recent gains. Saga Petroleum, 
however, was unchanged at 
NKrl26. 

Stockholm was buoyed by good 
buying interest in bhie chips and 
closed generally higher. The Veck- 


lower as a result of continuing anx- 
iety over interest rates, with Credit 
National down FFr2 to FFr1,298 
and Via Banque down FFr9 to 
FFr500. 

There was also profit-taking on 
stocks which bad moved sharply 
higher over the last few weeks in 
speculative buying. Construction 
group SGE was down FFrl at 
FFr 68 , and textile group Prouvost 
was FFr9 tower at FFr471. 

Brussels remained hesitant, and 
trade was very quiet with no devel- 
opments to shake investors out of 
tiie post-holiday lulL The Brussels 
stock index shed 10 to 5,311.62. 

The lack of interest caused R 6 - 
’ serve, the share of Socfete Generate 


de Belgique, to fell BFr5Q to 
BFr3,95Q. Tractebel. was down 
BFrl40 at BFrS/IOO, and Safina 
shed BFrlOO to BFtl5,500 i 5 - : ’ 

Utilities were narrowly footed 
while banking and insurance iswes 
were little changed. ... 

Industrials were lower. Meta] 
Hoboken shed BFrlOO. to BFr8,700, 
Fabrique Nationale was down 
BFr25 at BFrl,5Q5 and Geveertwas 
BFr80 tower at BFrS^OO. Against 
the trend, Tobacofina added BFi200 
to BFrlUOO. 

Milan eased in erratic trading, 
ending a streak of four upward ses- 
sions. The Milan bourse index lost 
3.14 to 624.88. 

The market focused on the sus- 
pension of Farmitalia Carlo Erba. 
Later, Montedison said its Erha- 
mont unit was considering the pur- 
chase of the remaining 25 per cent 
interest in Farmitalia. 

Montedison fell on the suspen- 
sion of Farmitalia due to specula- 
tion over the move. The chemical 
mmp an y lost L75 to L2.325. 

Insurer Generali slipped L550 to 
L126.150 despite buying interest fol- 
lowing an announcement of closer 
co-operation between two De Ben- 
edettis who have shareholdings in 
the company. 


ASIA 


Active buying spurs Nikkei to peak 


TOKYO 


THE START of September trading 
spurred buying enthusiasm in To- 
kyo yesterday and lifted prices to a 
record, writes Shigeo Nishtumki 
ofJiji Press. 

The Nikkei stock average gained 
89.20 points to 26,118.42. Volume in- 
creased to 1,491.54m shares from 
U.57J)6m on Monday. Advances 
outnumbered declines by 508 to 399, 
with 147 issues uncha n ged. 

Small-capital chemical issues, 
priced at Y500 to Y900, were the 
most sought-after issues, vying with 
steels, shipbuildings and other 
large-capital stocks. 

Among chemicals Sumitomo 
Chemical was actively traded with 
62.17m shares changing hands. It 
closed Y25 higher at Y1.000 after 
matching its record of Yl,01fl 
reached in March. 

Mitsui Toatsu Chemicals was al- 
so active and advanced Y22 to 7787. 
Nippon Sheet Glass, also on the ac- 
tives list, added YZ4 to 7979 while 
Teijin gained 723 to 7963. 

Mitsubishi Petrochemical and Yo- 
kohama Rubber closed Y40 and Y55 
higher at 71,500 and Y015, respec- 
tively. 

Giant-capital stocks were traded 
briskly. Nisshin Steel topped the ac- 
tive list with 74J6m shares chang- 
ing hands and gained Y 12 to Y602. 
Nippon Kokan, the third most ac- 
tive stock with 6054m shares, rose 
Y14toY328. 

But Nippon Steel and Kawasaki 
Steel, which performed strongly un- 
til Monday, both ended 72 tower at 
Y363 and 7326, respectively. 

Buying interest in high-technolo- 
gy issues dwindled. Matsushita 
Electric Industrial finished at 
YZ.370, down Y30 from Saturday. 
Trading in Matsushita shares was 
suspended on Monday following the 
disclosure of plans to absorb its 
trading unit, Matsushita Electric 
Trading Co M on April 1 next year. 

Small-lot buying pushed down 
Hitachi by 710 to Y1.180 and TDK 
by Y90 to Y4.810. 


TAIWAN share prices soared to a 
record in hectic trading on posi- 
tive economic irons and expecta- 
tions that the market would rise 
farther in the next few weeks, 
Reuter reports from Taipei. 

The weighted stock index post- 
ed a single-day record g jaia of 
139.67 yesterday to dose at 
3,21430 after setting a record 
one-day surge of 1000 the pre- 
vious day. Turnover rose to Tai- 
wan Q&Allm from TQ&56hn on 
Monday. 

Brokers said strong baying by 
individuals and institu- 

tions, prospects of high economic 
growth and increasing amounts 


of idle funds looking for a home 
all helped boost bullish senti- 
ment 

“People continue to flood the 
stock market with their money at 
a faster pace,” one broker said. 
Many securities firms have been 
crowded by investors wishing to 
buy more stocks, he said. 

Another broker said he expect- 
ed there would be a major tech- 
nical correction soon. 

The advance was almost 
across-the-board until banking, 
Insurance, cement, construction 
and electronic shares making the 
largest gains. 


The profit-taking was sparked off 
by reports that more mosques had 
been set on fire in Malaysia. Local 
investors were active sellers, but 
foreigners largely stayed out of the 
market following holidays in Hang 
Kong and London on Monday. 

Among the bigger fells, DBS tost 
30 cents to SSI6.30, Fraser mid 
Neave was off 20 cents at SS13.70 
and Singapore Airlines also aided 
down 20 cents at SS14JJ0. 

Malaysian tosses included Malay . . 
an Banking, down 20 emits to 
SS7.80, Sime Darby, off 12 cents at 
SS3J38, and Selangor Properties, off 
10 cents at SS1.57. Malaysian sec- 
ond-liners were the most active 
stocks, with Tan Chong off 5% cents 
at 90% cents on 2 . 8 m shares. ■ 


Financial issues came under sell- 
ing pressure with Sumitomo Bank 
shedding Y40 to Y3.988, Tokio Mar 
line and Fire Insurance off 710 at 
72,200 and Nomura Securities Y70 
lower at Y4JHJ0. 

Trading in power utilities was 
lacklustre. Tokyo Electric Rswer 
fell 780 to 78,720 and Kansai Elec- 
tric Power tost 730 to 73,320. 

On the Osaka Securities Ex- 
change (OSE), buying interest cen- 
tred on chemicals, foods and con- 
tractions, sending share prices to 
yet another high. 

The 250-issue OSE stock average 
gained 54.47 points to 26,785.34, set- 
ting records for three consecutive 
sessions. Volume totalled 232.07m 
shares, an increase erf 39.86m 
shares from Monday. 

Yodogawa Steel works advanced 
7120 to Y1.148, bolstered by foreign 
buying, while Sakai Chemical In- 
dustry came under profit-taking 
pressure to close Y 220 tower at 
Y2.560. 

A lack of any fresh incentives led 
to inactivity on Tokyo’s bond mar- 
ket . The market did not react to the 
first bidding for 20 -year long-term 
government bonds worth Y500bn. 

The yield on the benchmark 5 A 
per cent government bond, matur- 
ing in June 1998. rose to 4.610 per 
cent at one point from 4.425 per 
cent on. Monday. 


SOUTH AFRICA 


A HIGHER financial rand prompt- 
ed an easier trend in Johannesburg, 
and gold shares ended mostly tower 
despite a steady bullion price. 

The sudden rise on Monday 
lacked follow-through support as in- 
vestors were reluctant to chase the 
higher prices. 

Vaal Reefs fell RI2 to R475 after 
a rise of R18 on Monday. Harmony 
gave up its gain of Rita end at R56. 
Randfontein dropped R3 to R440. 

Mining financials also eased. 
Gencor shed 75 cents to R70 while 


diamond share De Beers tost 50 
cents to R52.75. 

A feature of the day was the list- 
ing of new platinum mine Lefkoch- 
rysos, issued at R13. The share 
came an at R21, traded as high as 
R24.50 and closed at R24.23. 

Industrials were mixed. Sasol 
gained 40 cents to R14J25, correct- 
ing a decline which resulted from 
Monday’s announcement that fiscal 
1987 net income dropped 8.6 per 
cent Barlow Rand fell 25 cents to 
R28 and South African Breweries 
was unchanged at R24.75. 


But the yen’s renewed strength 
against the dollar prompted buying, 
pushing down the yield to 4.480 per 
cent at the dose of yesterday's trad- 
ing. In inter-dealer trading later, 
the yield on the benchmark issue 
declined to 1395 percent 

HONGKONG ’ 

THE BULLISH mood resumed in 
Hong Kong following Monday's 
public holiday, and heavy buying 
drove the Hang Seng index to a 
third consecutive record of 3,64128, 
a gain of 32.51 

The market continued to be buoy- 
ed by good half-year results and the 
strength of tiro local economy, as 
well as by its own upward momen- 
tum of tiro past week. 

The Hong Kong index was 22.90 
higher at 2^388.49, and the Septem- 
ber Hang Seng index futures con- 
tract gained 44 to 3,729. Trading 
reached HKS2.59bn, slightly less 
than the hectic HK$2.79bn worth on 
Friday. 

Among properties. New World 
Development rose 50 cents to 
HK5152 0 and Henderson Land 25 
cents to HKS7.50. The banking sec- 
tor saw Hongkong Bank rise 20 
cents to HK511 and Hang Seng 
Bank put on 25 cents to HKS47.50. 

But Cheung Kong again suc- 
cumbed to selling, losing 50 cents to 
HKS1320, and its associate Hutch- 
ison Whampoa was off 30 cents at 
HKS1140. 


Singapore 

Straits Tfcnos Index 


1500 


1300 


1100 


900 



Jan 


1987 




AUSTRALIA 


SINGAPORE 


FEARS about racial tension in Mal- 
aysia, together with an absence of 
foreign investors, led to heavy sell- 
ing in Singapore which sent the 
Straits Times industrial index into 
its steepest one-day fall for over 18 
months. 

The index dropped 49.38 to 
1,40155 in active trading of 37.7m 
shares compared with 229m on 
Monday. 


A MILD RALLY in Sydney recov- 
ered some of the ground tost on 
Monday as Wall , Street Stocks 
picked up and the bullion, price 
firmed slightly. : 

The All Ordinaries index edged 
up 7.7 to 2,157.7 dose to Friday’s re- 
cord high, but trading nationally 
was even thinner than on Monday 
at 127m shares. 

The media sector was once again 
at the centre of attention as John 
Fairfax fell 60 cents to AS8.40 after 
leaping A52 on Monday on the buy- 
out offer from Warwick Fairfax’s 
TryarL 

News Corp meanwhile added 10 
cents to AS23.30 after its takeover 
bid for the shares it does not al- 
ready own in Advertiser Newspa- 
pers. The latter climbed AS194 to 
AS8.80. 

In the mining sector CRA lost 39 
cents to AS10 after its half-year re- 
sults, but Western Mining picked up 
14 cents to AS9.64. Gold gains in- 
cluded Kidston, up 20 cents at AS 8 , 
and Placer Pacific, 5 cents higher at 
AS3.85. 

Elders, which announced details 
of a Hong Kong-based investment 
company, was off 8 cents at AS&ft 



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